Meredith (NYSE:MDP) J. Ching, Executive Vice President of External Affairs at Alexander & Baldwin, Inc. (NYSE:NYSE:ALEX), recently sold shares of the company as reported in a filing with the Securities and Exchange Commission. On January 10, Ching sold 700 shares of common stock at a weighted average price of $16.9682, amounting to a total transaction value of $11,877.
These sales were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. Following this transaction, Ching retains direct ownership of 148,467 shares. Additionally, indirect holdings include 213 shares by her spouse and 743.284 shares by TCESOP. The sale prices ranged from $16.89 to $17.06 per share.
In other recent news, Alexander & Baldwin, a real estate investment trust, has announced a rise in its quarterly dividend from $0.2225 to $0.225 per share for the fourth quarter of 2024, reflecting the company's commitment to providing value to its investors. The dividend is set to be distributed to all shareholders recorded by the close of business in late December 2024. The company's financial health is viewed as robust, particularly its cash flow metrics, according to InvestingPro analysis.
In addition to this, Alexander & Baldwin reported a significant increase in their third-quarter Funds From Operations (FFO), which rose to $28.2 million, a positive change from $21.2 million in the same period of the previous year. This growth is attributed to strong commercial real estate performance and strategic land sales. The company also raised its 2024 guidance for same-store Net Operating Income (NOI) growth to 1.75%-2.75% and FFO to $1.27-$1.35 per share.
Furthermore, the company initiated a new $200 million At-the-Market (ATM) program and extended the credit facility maturity to 2028. Despite expected vacancies extending into 2025, the management expressed optimism about the company's future prospects. These recent developments highlight Alexander & Baldwin's strategic approach to growth and capital management.
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