HONOLULU—Meredith (NYSE:MDP) J. Ching, Executive Vice President of External Affairs at Alexander & Baldwin, Inc. (NYSE:ALEX), recently sold 700 shares of the company's common stock. The transaction, executed on November 15, 2024, was carried out under a Rule 10b5-1 trading plan. Ching sold the shares at a weighted average price of $19.2541, amounting to a total value of $13,477.
Following this sale, Ching holds 149,867 shares directly. Additionally, she retains indirect ownership of 213 shares through her spouse and 743.284 shares via TCESOP.
In other recent news, Alexander & Baldwin has announced a year-over-year increase in its third-quarter Funds From Operations (FFO), lifting its full-year 2024 FFO and Net Operating Income (NOI) guidance. The Q3 FFO rose to $28.2 million, or $0.39 per share, from $21.2 million, or $0.29 per share, in Q3 2023. The company attributed this growth to strong commercial real estate performance and strategic land sales.
A new $200 million At-the-Market (ATM) program was initiated, and the credit facility maturity was extended to 2028. The 2024 guidance for same-store NOI growth was raised to 1.75%-2.75% and FFO to $1.27-$1.35 per share. Additionally, the Adjusted Funds From Operations (AFFO) guidance for 2024 is now projected to be between $1.50 and $1.12 per share.
Despite the anticipation of vacancies into 2025, the company remains optimistic about future prospects. However, it was noted that vacancies from three tenants in Q4 may affect NOI growth. These recent developments have positioned Alexander & Baldwin for continued growth and investors will be closely monitoring the company's navigation of the expected vacancies and capitalization on emerging market opportunities.
InvestingPro Insights
Alexander & Baldwin, Inc. (NYSE:ALEX) presents an intriguing investment profile that complements the recent insider transaction. According to InvestingPro data, the company boasts a market capitalization of $1.4 billion and trades at a price-to-earnings ratio of 31.42, which adjusts to 21.16 for the last twelve months as of Q3 2024. This valuation metric aligns with an InvestingPro Tip indicating that ALEX is "Trading at a low P/E ratio relative to near-term earnings growth," suggesting potential undervaluation.
The company's financial health appears robust, with a revenue of $230.95 million for the last twelve months as of Q3 2024, and an impressive operating income margin of 36.61%. This strong profitability is reflected in another InvestingPro Tip, which notes that ALEX has been "Profitable over the last twelve months."
Investors may find ALEX particularly attractive for its dividend profile. The stock offers a dividend yield of 4.61% as of the latest data, with the company having "raised its dividend for 3 consecutive years," according to an InvestingPro Tip. This consistent dividend growth, coupled with the stock trading near its 52-week high (95.07% of the high), may indicate investor confidence in the company's performance and future prospects.
For those seeking more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for Alexander & Baldwin, providing a deeper understanding of the company's investment potential.
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