Alexander's (NYSE:ALX) Stock Breaks Below Two Hundred Day Moving Average - Here's Why

Key Points

• Alexander’s shares fell below their 200-day moving average, touching $250.02 against a $251.94 average.
• Analyst views are mixed, but the consensus is Hold with a $192 price target; Piper Sandler cut its target to $192 and rated the stock Underweight.
• The REIT reported quarterly EPS of $5.33, below the $8.20 consensus, and revenue of $72.06 million versus an $82.40 million estimate. It declared a quarterly dividend of $4.50 per share, equivalent to an indicated 7.1% yield.

Alexander's, Inc. (NYSE:ALX - Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $251.94 and traded as low as $250.02. Alexander's shares last traded at $251.9350, with a volume of 32,525 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on ALX. Piper Sandler lowered their price objective on shares of Alexander's from $212.00 to $192.00 and set an "underweight" rating on the stock in a research note on Monday, October 12th. Zacks Research downgraded shares of Alexander's from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 25th. Weiss Ratings reiterated a "buy (b)" rating on shares of Alexander's in a report on Monday, November 2nd. Finally, Wall Street Zen raised Alexander's from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Alexander's has a consensus rating of "Hold" and a consensus target price of $192.00.

Alexander's Price Performance

The company has a current ratio of 12.69, a quick ratio of 16.78 and a debt-to-equity ratio of 3.67. The company has a 50 day moving average of $248.15 and a 200-day moving average of $251.94. The firm has a market capitalization of $1.29 billion, a P/E ratio of 6.77 and a beta of 0.79.

Alexander's (NYSE:ALX - Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The real estate investment trust reported $5.33 earnings per share for the quarter, missing the consensus estimate of $8.20 by ($2.87). Alexander's had a return on equity of 117.44% and a net margin of 81.93%. The firm had revenue of $72.06 million for the quarter, compared to the consensus estimate of $82.40 million. On average, sell-side analysts predict that Alexander's, Inc. will post 15.64 EPS for the current year.

Alexander's Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Monday, November 9th will be paid a $4.50 dividend. The ex-dividend date is Monday, November 9th. This represents a $18.00 annualized dividend and a dividend yield of 7.1%. Alexander's's dividend payout ratio is 48.36%.

Hedge Funds Weigh In On Alexander's

Hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in shares of Alexander's by 18.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,155 shares of the real estate investment trust's stock worth $532,000 after purchasing an additional 328 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Alexander's by 8.9% during the third quarter. Asset Management One Co. Ltd. now owns 2,985 shares of the real estate investment trust's stock worth $736,000 after purchasing an additional 244 shares during the period. Park Avenue Securities LLC increased its holdings in shares of Alexander's by 49.7% during the third quarter. Park Avenue Securities LLC now owns 3,999 shares of the real estate investment trust's stock worth $986,000 after purchasing an additional 1,327 shares during the period. Inspire Investing LLC increased its holdings in shares of Alexander's by 6.1% during the third quarter. Inspire Investing LLC now owns 2,567 shares of the real estate investment trust's stock worth $633,000 after purchasing an additional 147 shares during the period. Finally, Compass Wealth Management LLC bought a new position in shares of Alexander's during the third quarter worth approximately $25,000. 31.99% of the stock is owned by institutional investors.

Alexander's Company Profile

Alexander's, Inc is a real estate investment trust (REIT) that owns and leases commercial properties, primarily in the New York City area. Its portfolio includes office, retail and mixed-use real estate, with properties in Manhattan and Queens.

The company's properties include 731 Lexington Avenue, a mixed-use office and retail building in Manhattan, and the Rego Center shopping complex in Queens. Alexander's focuses on leasing space to businesses and retailers rather than operating a department store chain.

Alexander's began as a New York-area department store company and shifted its focus to real estate after its retail business ceased operations in the early 1990s.

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