Alexander’s (NYSE:ALX) Announces Quarterly Earnings Results

Alexander’s (NYSE:ALX) announced its earnings results on Monday. The real estate investment trust reported $3.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.02, Zacks reports. The business had revenue of $54.71 million during the quarter, compared to analysts’ expectations of $54.10 million. Alexander’s had a net margin of 79.06% and a return on equity of 155.22%.

Alexander’s Stock Up 3.5%

Alexander’s stock traded up $9.18 during midday trading on Wednesday, reaching $270.95. The stock had a trading volume of 1,830 shares, compared to its average volume of 59,103. The stock has a market capitalization of $1.38 billion, a P/E ratio of 67.74 and a beta of 0.77. The firm’s fifty day simple moving average is $267.27 and its 200-day simple moving average is $250.35. The company has a debt-to-equity ratio of 9.17, a quick ratio of 6.92 and a current ratio of 6.92. Alexander’s has a 1-year low of $201.28 and a 1-year high of $289.43.

Alexander’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 10th will be issued a dividend of $4.50 per share. The ex-dividend date is Monday, August 10th. This represents a $18.00 dividend on an annualized basis and a dividend yield of 6.6%. Alexander’s’s dividend payout ratio (DPR) is presently 450.00%.

Insider Activity at Alexander’s

In related news, Director Russell B. Wight, Jr. sold 423 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $267.00, for a total transaction of $112,941.00. Following the completion of the transaction, the director owned 900 shares in the company, valued at approximately $240,300. This represents a 31.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 26.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alexander’s

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of Alexander’s by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 116 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 100 shares during the last quarter. Van ECK Associates Corp acquired a new position in Alexander’s during the third quarter worth $32,000. Garton & Associates Financial Advisors LLC acquired a new position in Alexander’s during the fourth quarter worth $38,000. Tower Research Capital LLC TRC raised its position in Alexander’s by 89.1% during the second quarter. Tower Research Capital LLC TRC now owns 208 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 98 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Alexander’s during the fourth quarter worth $48,000. 31.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALX has been the subject of a number of recent research reports. Piper Sandler boosted their price target on shares of Alexander’s from $190.00 to $212.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Weiss Ratings restated a “hold (c)” rating on shares of Alexander’s in a research report on Friday, July 17th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Alexander’s has a consensus rating of “Reduce” and an average target price of $212.00.

Alexander’s Company Profile

Alexander’s (NYSE: ALX) is a publicly traded real estate investment trust focused on owning, leasing and managing commercial properties in the New York metropolitan area. The company’s portfolio encompasses office buildings, retail storefronts and parking facilities, all held on a wholly owned basis. By concentrating on prime urban and suburban locations, Alexander’s seeks to generate stable rental income and long-term asset appreciation.

Founded in 1928 as a family-run department store chain, Alexander’s transitioned during the early 1990s into a pure-play real estate company following the sale of its retail operations.