Alexander & Baldwin (NYSE:ALEX) Receives "Overweight" Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Alexander & Baldwin (NYSE:ALEX - Free Report) in a research report sent to investors on Friday morning, 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 research 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 issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $21.67.

Alexander & Baldwin Price Performance

Shares of NYSE:ALEX traded up $0.42 during midday trading on Friday, reaching $18.74. 296,215 shares of the company's stock traded hands, compared to its average volume of 324,566. Alexander & Baldwin has a 1 year low of $15.53 and a 1 year high of $20.30. The company has a market cap of $1.36 billion, a P/E ratio of 31.28 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. The company has a fifty day simple moving average of $19.14 and a two-hundred day simple moving average of $17.82.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alexander & Baldwin by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,818 shares of the financial services provider's stock worth $54,000 after acquiring an additional 727 shares during the last quarter. Everett Harris & Co. CA increased its position in shares of Alexander & Baldwin by 15.7% during the 3rd 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 during the last quarter. Creative Planning acquired a new stake in shares of Alexander & Baldwin during the 3rd quarter worth about $216,000. Inspire Investing LLC acquired a new stake in shares of Alexander & Baldwin during the 3rd quarter worth about $413,000. Finally, Reinhart Partners LLC. increased its position in shares of Alexander & Baldwin by 2.9% during the 3rd quarter. Reinhart Partners LLC. now owns 2,553,912 shares of the financial services provider's stock worth $49,035,000 after purchasing an additional 72,240 shares during the last quarter. 91.29% of the stock is owned by institutional investors and hedge funds.

Alexander & Baldwin Company Profile

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.