Alexander’s (NYSE:ALX) Releases Earnings Results, Beats Expectations By $0.02 EPS

Alexander’s (NYSE:ALX) posted its earnings results on Monday. The real estate investment trust reported $3.02 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.02, Zacks reports. Alexander’s had a return on equity of 17.38% and a net margin of 9.72%.The firm had revenue of $54.71 million for the quarter, compared to analysts’ expectations of $54.10 million.

Alexander’s Price Performance

Shares of Alexander’s stock opened at $262.96 on Tuesday. The stock has a market capitalization of $1.34 billion, a P/E ratio of 65.74 and a beta of 0.77. The business has a 50 day simple moving average of $266.84 and a two-hundred day simple moving average of $250.08. Alexander’s has a 12 month low of $201.28 and a 12 month high of $289.43. The company has a debt-to-equity ratio of 9.17, a current ratio of 6.92 and a quick ratio of 6.92.

Alexander’s Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 10th will be issued a dividend of $4.50 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $18.00 dividend on an annualized basis and a dividend yield of 6.8%. Alexander’s’s dividend payout ratio is presently 450.00%.

Analyst Upgrades and Downgrades

ALX has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Alexander’s in a report on Friday, July 17th. Piper Sandler upped their target price on Alexander’s from $190.00 to $212.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $212.00.

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 stock was sold at an average price of $267.00, for a total value of $112,941.00. Following the completion of the transaction, the director directly owned 900 shares of the company’s stock, valued at approximately $240,300. This represents a 31.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 26.36% of the company’s stock.

Institutional Investors Weigh In On Alexander’s

A number of hedge funds have recently modified their holdings of ALX. Goldman Sachs Group Inc. boosted its position in Alexander’s by 3.5% during the first quarter. Goldman Sachs Group Inc. now owns 355,152 shares of the real estate investment trust’s stock worth $74,284,000 after acquiring an additional 12,060 shares during the last quarter. Jane Street Group LLC grew its position in shares of Alexander’s by 48.3% in the first quarter. Jane Street Group LLC now owns 4,996 shares of the real estate investment trust’s stock valued at $1,045,000 after purchasing an additional 1,628 shares in the last quarter. Strs Ohio acquired a new stake in shares of Alexander’s in the first quarter valued at approximately $84,000. Creative Planning lifted its position in Alexander’s by 17.3% during the second quarter. Creative Planning now owns 1,201 shares of the real estate investment trust’s stock worth $271,000 after buying an additional 177 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Alexander’s by 11.4% during the second quarter. Legal & General Group Plc now owns 2,975 shares of the real estate investment trust’s stock worth $670,000 after buying an additional 305 shares during the last quarter. 31.99% of the stock is currently owned by institutional investors and hedge funds.

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.