Alexander’s (NYSE:ALX) Stock Gets Price Target Reduction from Piper Sandler

Alexander’s (NYSE:ALX) had its price target reduced by Piper Sandler from $212.00 to $192.00 in a research note published on Monday,Benzinga reports. They currently have an underweight rating on the real estate investment trust’s stock.

Other equities research analysts have also issued reports about the stock. Zacks Research lowered shares of Alexander’s from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Wall Street Zen raised shares of Alexander’s from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Alexander’s from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $192.00.

Alexander’s Stock Performance

Shares of ALX stock opened at $235.93 on Monday. The stock has a market capitalization of $1.20 billion, a PE ratio of 7.14 and a beta of 0.80. The business’s 50 day simple moving average is $257.12 and its 200 day simple moving average is $256.54. The company has a debt-to-equity ratio of 3.73, a current ratio of 16.78 and a quick ratio of 16.78. Alexander’s has a one year low of $201.28 and a one year high of $289.43.

Alexander’s (NYSE:ALX) last released its quarterly earnings results on Monday, August 3rd. The real estate investment trust reported $3.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.02. The firm had revenue of $54.71 million during the quarter, compared to analyst estimates of $54.10 million. Alexander’s had a net margin of 79.06% and a return on equity of 123.09%. As a group, research analysts forecast that Alexander’s will post 16.52 earnings per share for the current year.

Alexander’s Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 10th were paid a dividend of $4.50 per share. This represents a $18.00 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend was Monday, August 10th. Alexander’s’s dividend payout ratio is 54.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALX. Resona Asset Management Co. Ltd. grew its holdings in shares of Alexander’s by 7.9% during the first quarter. Resona Asset Management Co. Ltd. now owns 958 shares of the real estate investment trust’s stock valued at $227,000 after buying an additional 70 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Alexander’s by 7.7% in the first quarter. The Manufacturers Life Insurance Company now owns 1,160 shares of the real estate investment trust’s stock worth $274,000 after purchasing an additional 83 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Alexander’s by 1.6% in the first quarter. Bank of New York Mellon Corp now owns 15,869 shares of the real estate investment trust’s stock worth $3,748,000 after purchasing an additional 249 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Alexander’s by 11.1% in the first quarter. Bank of America Corp DE now owns 2,860 shares of the real estate investment trust’s stock worth $676,000 after purchasing an additional 286 shares during the last quarter. Finally, Nykredit A S bought a new position in shares of Alexander’s in the second quarter valued at approximately $96,000. Institutional investors own 31.99% of the company’s stock.

About Alexander’s

Alexander’s, Inc (NYSE: ALX) is a self-administered and self-managed real estate investment trust that owns, manages and develops commercial and residential properties primarily in the New York metropolitan area. The company’s portfolio is concentrated in high-density locations with access to transportation, employment centers and retail activity.

Alexander’s properties include 731 Lexington Avenue in Manhattan, a mixed-use office and retail complex that includes Bloomberg’s headquarters; Rego Park Center, a retail and office complex in Queens; and The Alexander, a residential apartment property in Manhattan.