Franklin Resources Inc. Sells 769,334 Shares of Alexander & Baldwin, Inc. (NYSE:ALEX)

Franklin Resources Inc. reduced its position in Alexander & Baldwin, Inc. (NYSE:ALEX - Free Report) by 18.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,330,463 shares of the financial services provider's stock after selling 769,334 shares during the quarter. Franklin Resources Inc. owned about 4.59% of Alexander & Baldwin worth $61,680,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALEX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Alexander & Baldwin by 386.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,253 shares of the financial services provider's stock worth $9,240,000 after acquiring an additional 382,327 shares in the last quarter. State Street Corp raised its position in Alexander & Baldwin by 9.4% in the third quarter. State Street Corp now owns 4,228,089 shares of the financial services provider's stock worth $82,033,000 after acquiring an additional 363,223 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Alexander & Baldwin by 10.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,970,393 shares of the financial services provider's stock valued at $37,832,000 after purchasing an additional 190,357 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Alexander & Baldwin by 101.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 221,692 shares of the financial services provider's stock worth $4,256,000 after acquiring an additional 111,392 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in Alexander & Baldwin during the 2nd quarter worth about $1,386,000. Institutional investors and hedge funds own 91.29% of the company's stock.

Alexander & Baldwin Trading Down 1.1 %

ALEX stock traded down $0.21 during midday trading on Tuesday, reaching $18.65. The company's stock had a trading volume of 513,715 shares, compared to its average volume of 323,034. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.47. The stock has a market cap of $1.35 billion, a PE ratio of 30.24 and a beta of 1.27. The business's 50-day simple moving average is $19.11 and its 200-day simple moving average is $18.59. Alexander & Baldwin, Inc. has a 52 week low of $15.53 and a 52 week high of $20.30.

Alexander & Baldwin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.2225 per share. This represents a $0.89 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend is Friday, December 20th. Alexander & Baldwin's dividend payout ratio is 143.55%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. StockNews.com upgraded shares of Alexander & Baldwin from a "hold" rating to a "buy" rating in a research note on Monday, November 25th. Piper Sandler reaffirmed an "overweight" rating and set a $23.00 price objective (up from $22.00) on shares of Alexander & Baldwin in a report on Friday, October 25th.

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.