Pinnacle Associates Ltd. Acquires 34,007 Shares of Alexander & Baldwin, Inc. (NYSE:ALEX)

Pinnacle Associates Ltd. grew its stake in shares of Alexander & Baldwin, Inc. (NYSE:ALEX - Free Report) by 9.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 389,006 shares of the financial services provider's stock after purchasing an additional 34,007 shares during the quarter. Pinnacle Associates Ltd. owned about 0.54% of Alexander & Baldwin worth $7,399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Alexander & Baldwin during the first quarter worth approximately $41,000. Everett Harris & Co. CA lifted its holdings in Alexander & Baldwin by 489.7% during the 1st quarter. Everett Harris & Co. CA now owns 60,475 shares of the financial services provider's stock worth $996,000 after purchasing an additional 50,220 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Alexander & Baldwin by 18.7% in the 1st quarter. BNP Paribas Financial Markets now owns 46,859 shares of the financial services provider's stock valued at $772,000 after purchasing an additional 7,383 shares during the period. Janney Montgomery Scott LLC grew its holdings in Alexander & Baldwin by 42.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,552 shares of the financial services provider's stock valued at $240,000 after buying an additional 4,366 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Alexander & Baldwin by 7.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 23,687 shares of the financial services provider's stock worth $390,000 after buying an additional 1,553 shares during the period. Institutional investors own 91.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ALEX shares. Piper Sandler reissued an "overweight" rating and issued a $23.00 target price (up previously from $22.00) on shares of Alexander & Baldwin in a research report on Friday, October 25th. Alliance Global Partners began coverage on shares of Alexander & Baldwin in a report on Thursday, August 8th. They issued a "buy" rating and a $22.00 price objective for the company. Finally, StockNews.com raised shares of Alexander & Baldwin from a "hold" rating to a "buy" rating in a report on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $21.67.

Alexander & Baldwin Price Performance

ALEX traded down $0.40 on Thursday, hitting $18.62. 315,913 shares of the stock were exchanged, compared to its average volume of 324,047. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 30.69 and a beta of 1.26. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.53. Alexander & Baldwin, Inc. has a 12 month low of $15.53 and a 12 month high of $20.30. The business has a 50-day moving average of $19.13 and a two-hundred day moving average of $17.91.

Alexander & Baldwin 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.