Resona Asset Management Co. Ltd. Acquires New Shares in Alexander & Baldwin, Inc. (NYSE:ALEX)

Resona Asset Management Co. Ltd. acquired a new position in shares of Alexander & Baldwin, Inc. (NYSE:ALEX - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 28,761 shares of the financial services provider's stock, valued at approximately $501,000.

A number of other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of Alexander & Baldwin by 284.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,675 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,239 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Alexander & Baldwin by 90.0% during the 4th quarter. Versant Capital Management Inc now owns 2,183 shares of the financial services provider's stock worth $39,000 after purchasing an additional 1,034 shares during the period. Wealthfront Advisers LLC acquired a new stake in shares of Alexander & Baldwin during the fourth quarter valued at about $112,000. Point72 Asset Management L.P. raised its position in Alexander & Baldwin by 35.1% in the third quarter. Point72 Asset Management L.P. now owns 9,100 shares of the financial services provider's stock valued at $175,000 after purchasing an additional 2,363 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in shares of Alexander & Baldwin in the 4th quarter valued at $227,000. Institutional investors and hedge funds own 91.29% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on ALEX. StockNews.com lowered Alexander & Baldwin from a "buy" rating to a "hold" rating in a research report on Sunday, March 16th. Piper Sandler raised their price objective on shares of Alexander & Baldwin from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Finally, JMP Securities reissued a "market perform" rating on shares of Alexander & Baldwin in a report on Monday, January 6th.

Alexander & Baldwin Stock Performance

Shares of ALEX stock traded up $0.17 during midday trading on Wednesday, hitting $16.79. The company had a trading volume of 36,916 shares, compared to its average volume of 372,622. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.35 and a quick ratio of 0.35. The company's 50 day simple moving average is $17.41 and its 200 day simple moving average is $18.12. Alexander & Baldwin, Inc. has a 52-week low of $15.53 and a 52-week high of $20.30. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 27.07 and a beta of 1.03.

Alexander & Baldwin (NYSE:ALEX - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The financial services provider reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.15. The company had revenue of $62.45 million during the quarter, compared to the consensus estimate of $49.68 million. Alexander & Baldwin had a net margin of 19.64% and a return on equity of 5.93%. Research analysts anticipate that Alexander & Baldwin, Inc. will post 1.35 earnings per share for the current fiscal year.

Alexander & Baldwin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were given a dividend of $0.225 per share. This is a boost from Alexander & Baldwin's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. This represents a $0.90 annualized dividend and a yield of 5.36%. Alexander & Baldwin's payout ratio is presently 107.14%.

About Alexander & Baldwin

Alexander & Baldwin, Inc engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company's simplification and monetization effort.