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

Pinnacle Associates Ltd. increased its stake in shares of Alexander & Baldwin, Inc. (NYSE:ALEX) by 9.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 389,006 shares of the financial services provider’s stock after acquiring an additional 34,007 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Alexander & Baldwin were worth $7,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ALEX. Isthmus Partners LLC grew its position in shares of Alexander & Baldwin by 232.0% in the 1st quarter. Isthmus Partners LLC now owns 205,212 shares of the financial services provider’s stock worth $3,380,000 after buying an additional 143,401 shares during the last quarter. Private Management Group Inc. purchased a new position in shares of Alexander & Baldwin in the 1st quarter valued at approximately $2,289,000. Clearbridge Investments LLC lifted its stake in shares of Alexander & Baldwin by 24.4% in the 1st quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock valued at $10,265,000 after purchasing an additional 122,286 shares during the period. Hantz Financial Services Inc. purchased a new position in shares of Alexander & Baldwin in the 2nd quarter valued at approximately $1,386,000. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Alexander & Baldwin by 271.9% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 110,300 shares of the financial services provider’s stock valued at $1,871,000 after purchasing an additional 80,642 shares during the period. 91.29% of the stock is currently owned by institutional investors.

Alexander & Baldwin Stock Up 0.3 %

Shares of NYSE:ALEX opened at $19.03 on Thursday. The stock has a fifty day simple moving average of $19.14 and a two-hundred day simple moving average of $17.90. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 30.69 and a beta of 1.26. Alexander & Baldwin, Inc. has a 12-month low of $15.53 and a 12-month high of $20.30. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.47.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. StockNews.com upgraded Alexander & Baldwin from a “hold” rating to a “buy” rating in a research note on Monday. Alliance Global Partners assumed coverage on Alexander & Baldwin in a research note on Thursday, August 8th. They issued a “buy” rating and a $22.00 target price for the company. Finally, Piper Sandler restated an “overweight” rating and issued a $23.00 target price (up previously from $22.00) on shares of Alexander & Baldwin in a research note on Friday, October 25th. One investment 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 stock currently has an average rating of “Moderate Buy” and an average target price of $21.67.

Alexander & Baldwin Company 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.