Alexander & Baldwin (NYSE:ALEX) Issues FY 2024 Earnings Guidance

Alexander & Baldwin (NYSE:ALEX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.990-1.080 for the period, compared to the consensus EPS estimate of 1.140. The company issued revenue guidance of -.

Alexander & Baldwin Price Performance

NYSE:ALEX traded up $1.16 during trading hours on Friday, reaching $19.51. 1,427,476 shares of the company’s stock were exchanged, compared to its average volume of 367,606. The company has a market capitalization of $1.42 billion, a P/E ratio of 31.98 and a beta of 1.26. Alexander & Baldwin has a 12 month low of $15.53 and a 12 month high of $20.30. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $16.99 and its two-hundred day simple moving average is $16.87.

Alexander & Baldwin (NYSE:ALEX) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $61.20 million during the quarter, compared to analysts’ expectations of $51.55 million. Alexander & Baldwin had a net margin of 18.47% and a return on equity of 5.02%. During the same period last year, the firm posted $0.29 earnings per share. Sell-side analysts expect that Alexander & Baldwin will post 1.15 EPS for the current fiscal year.

Alexander & Baldwin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Friday, September 20th will be paid a $0.2225 dividend. This is a positive change from Alexander & Baldwin’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, September 20th. This represents a $0.89 dividend on an annualized basis and a yield of 4.56%. Alexander & Baldwin’s dividend payout ratio (DPR) is currently 145.90%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler raised shares of Alexander & Baldwin from a neutral rating to an overweight rating and lifted their target price for the company from $17.00 to $22.00 in a research note on Friday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $21.00.

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.