HONOLULU - Alexander & Baldwin, Inc. (NYSE: ALEX), a real estate investment trust specializing in Hawaiian commercial properties, announced a second quarter 2024 dividend of $0.2225 per share. The dividend is scheduled for distribution on July 8, 2024, to shareholders on record as of June 14, 2024.
The company, known for being the largest owner of grocery-anchored neighborhood shopping centers in Hawaii, manages a portfolio that includes approximately 3.9 million square feet of commercial space. This portfolio encompasses 22 retail centers, 13 industrial assets, and four office properties. Additionally, Alexander & Baldwin holds 142.0 acres of ground lease assets.
With a history spanning over 154 years, Alexander & Baldwin has been instrumental in the evolution of Hawaii's economy, contributing to sectors such as agriculture, transportation, tourism, construction, and various real estate industries.
This dividend announcement follows the company's long-standing tradition of providing returns to its shareholders and reflects its commitment to maintaining its position in the Hawaiian commercial real estate market.
InvestingPro Insights
Alexander & Baldwin, Inc. (NYSE: ALEX) has demonstrated a commitment to shareholder returns, as evidenced by its recent dividend announcement. This is further supported by data from InvestingPro which shows the company has raised its dividend for three consecutive years, a testament to its consistent performance and strategic financial management.
Analyzing the company's financial health through InvestingPro's real-time data, ALEX's market capitalization stands at approximately $1.16 billion USD. The company's Price to Earnings (P/E) ratio, which indicates investor expectations of future earnings, is currently at 39.17, with an adjusted P/E based on the last twelve months as of Q4 2023 at a lower 25.48. This suggests that the company is trading at a low P/E ratio relative to near-term earnings growth, which could be an attractive point for potential investors looking for value. Moreover, the company's dividend yield as of mid-April 2024 is substantial at 5.46%, which is particularly compelling for income-focused investors.
InvestingPro Tips highlight that although ALEX is trading near its 52-week low, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months. This could indicate a potential opportunity for investors to buy into a profitable company at a lower price point. However, it is important to note that the company's short-term obligations exceed its liquid assets, which could be a point of consideration for risk assessment.
For those interested in a deeper analysis, InvestingPro offers additional insights, including detailed metrics and financial forecasts. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable resources. As of now, there are 5 more InvestingPro Tips available for Alexander & Baldwin, which can provide further guidance for investors considering this REIT for their portfolio.
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