D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
In a challenging economic climate, Alexanders Inc . (NYSE:ALX) stock has touched a 52-week low, dipping to $184.76. According to InvestingPro analysis, the stock's RSI indicates oversold territory, while maintaining a robust 9.7% dividend yield. The real estate investment trust, known for its ownership, operation, and management of properties in the greater New York City area, has faced a tough year, with its stock price reflecting a significant downturn. Over the past year, Alexanders has seen its stock value decrease by 15.04%, a trend that has concerned investors and market analysts alike. Despite market pressures, the company maintains strong fundamentals with a GOOD financial health score and has consistently paid dividends for 15 consecutive years. InvestingPro subscribers can access 8 additional key insights about ALX's financial position. This recent price level serves as a critical marker for the company, as it navigates through the pressures of the real estate market and broader economic headwinds.
In other recent news, Alexander's Inc. has been undergoing significant changes and developments. The company recently announced the resignation of Dr. Richard West from its Board of Directors due to health reasons. Following his departure, Mandakini Puri and Wendy A. Silverstein have been appointed as the new Chair of the Audit Committee and the new Chair of the Compensation Committee, respectively.
In terms of financial performance, Alexander's Inc. declared a quarterly dividend of $4.50 per share, maintaining its track record of consistent dividend payments. However, Piper Sandler has raised concerns about the sustainability of these payments due to a projected gap in dividend coverage from 2024 to 2026.
The real estate investment trust also saw changes in its stock price target, with Piper Sandler adjusting it from $135 to $125, while maintaining an underweight rating. This adjustment comes after a smaller than expected decline in Alexander's Net Operating Income due to the winding down of IKEA's operations and a renegotiated lease agreement with Bloomberg.
Lastly, Alexander's Inc. successfully negotiated an extension for its $500 million mortgage loan for the office portion of the 731 Lexington Avenue property. These are the recent developments that have been shaping the company's operations and financial management.
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