Piper Sandler Reaffirms “Overweight” Rating for Alexander & Baldwin (NYSE:ALEX)

Piper Sandler restated their overweight rating on shares of Alexander & Baldwin (NYSE:ALEX) in a research report sent to investors on Friday, Benzinga reports. Piper Sandler currently has a $23.00 target price on the financial services provider’s stock, up from their previous target price of $22.00.

Separately, Alliance Global Partners initiated coverage on Alexander & Baldwin in a report on Thursday, August 8th. They set a “buy” rating and a $22.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.67.

Alexander & Baldwin Price Performance

NYSE:ALEX opened at $18.74 on Friday. The firm’s fifty day moving average is $19.14 and its two-hundred day moving average is $17.86. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 30.72 and a beta of 1.26. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.53 and a current ratio of 0.53. Alexander & Baldwin has a one year low of $15.53 and a one year high of $20.30.

Institutional Investors Weigh In On Alexander & Baldwin

A number of institutional investors have recently modified their holdings of ALEX. Pinnacle Associates Ltd. grew its stake in Alexander & Baldwin by 9.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 389,006 shares of the financial services provider’s stock valued at $7,399,000 after acquiring an additional 34,007 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Alexander & Baldwin by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,818 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 727 shares during the period. Everett Harris & Co. CA increased its stake in shares of Alexander & Baldwin by 15.7% during the third quarter. Everett Harris & Co. CA now owns 185,240 shares of the financial services provider’s stock worth $3,557,000 after purchasing an additional 25,125 shares in the last quarter. Creative Planning acquired a new position in shares of Alexander & Baldwin during the 3rd quarter worth about $216,000. Finally, Inspire Investing LLC purchased a new position in Alexander & Baldwin in the 3rd quarter valued at about $413,000. 91.29% of the stock is currently owned by institutional investors and hedge funds.

About Alexander & Baldwin

Alexander & Baldwin, Inc (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai’i commercial real estate and is the state’s largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai’i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142.0 acres of ground lease assets.