Wall Street Zen Upgrades Alexander’s (NYSE:ALX) to “Buy”

Alexander’s (NYSE:ALX) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other brokerages also recently weighed in on ALX. Weiss Ratings upgraded Alexander’s from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 4th. Piper Sandler increased their price target on Alexander’s from $190.00 to $212.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Finally, Zacks Research raised shares of Alexander’s from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Alexander’s Trading Down 0.0%

ALX opened at $276.86 on Friday. Alexander’s has a twelve month low of $201.28 and a twelve month high of $289.43. The company has a fifty day moving average of $268.88 and a 200-day moving average of $251.11. The stock has a market cap of $1.41 billion, a PE ratio of 8.38 and a beta of 0.77. The company has a quick ratio of 16.78, a current ratio of 16.78 and a debt-to-equity ratio of 3.73.

Alexander’s (NYSE:ALX) last issued its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $3.02 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.02. Alexander’s had a net margin of 79.06% and a return on equity of 123.09%. The business had revenue of $54.71 million for the quarter, compared to analysts’ expectations of $54.10 million. On average, sell-side analysts predict that Alexander’s will post 16.52 EPS for the current year.

Insider Activity at Alexander’s

In related news, Director Russell B. Wight, Jr. sold 423 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $267.00, for a total value of $112,941.00. Following the completion of the sale, the director directly owned 900 shares of the company’s stock, valued at $240,300. The trade was a 31.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 26.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alexander’s

A number of hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Alexander’s by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 116 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 100 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Alexander’s in the 3rd quarter worth $32,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Alexander’s in the 4th quarter worth $38,000. Larson Financial Group LLC grew its position in Alexander’s by 104.0% in the 3rd quarter. Larson Financial Group LLC now owns 204 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 104 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Alexander’s by 89.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 208 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 31.99% of the company’s stock.

About Alexander’s

Alexander’s (NYSE: ALX) is a publicly traded real estate investment trust focused on owning, leasing and managing commercial properties in the New York metropolitan area. The company’s portfolio encompasses office buildings, retail storefronts and parking facilities, all held on a wholly owned basis. By concentrating on prime urban and suburban locations, Alexander’s seeks to generate stable rental income and long-term asset appreciation.

Founded in 1928 as a family-run department store chain, Alexander’s transitioned during the early 1990s into a pure-play real estate company following the sale of its retail operations.