Acadia Realty Trust (AKR) Upgraded to “Hold” at Zacks Investment Research
According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “
Other research analysts also recently issued research reports about the company. Citigroup Inc. raised their target price on Acadia Realty Trust from $40.50 to $41.50 and gave the stock a buy rating in a research note on Friday, August 12th. BMO Capital Markets reaffirmed a buy rating and issued a $40.00 price target on shares of Acadia Realty Trust in a report on Wednesday, July 27th. BTIG Research started coverage on Acadia Realty Trust in a report on Thursday, August 25th. They issued a neutral rating on the stock. Finally, Boenning Scattergood reaffirmed an outperform rating and issued a $38.00 price target on shares of Acadia Realty Trust in a report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $40.10.
Shares of Acadia Realty Trust (NYSE:AKR) opened at 35.47 on Monday. Acadia Realty Trust has a 12-month low of $30.25 and a 12-month high of $38.01. The stock’s 50 day moving average price is $36.36 and its 200 day moving average price is $35.31. The company has a market capitalization of $2.68 billion, a PE ratio of 36.68 and a beta of 0.67.
Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by $0.01. Acadia Realty Trust had a return on equity of 4.32% and a net margin of 32.18%. The company earned $51.30 million during the quarter, compared to the consensus estimate of $40.51 million. During the same quarter in the prior year, the business earned $0.48 EPS. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Acadia Realty Trust will post $1.57 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. Acadia Realty Trust’s dividend payout ratio (DPR) is currently 103.09%.
In other news, insider Joel L. Braun sold 22,000 shares of Acadia Realty Trust stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $37.60, for a total value of $827,200.00. Following the sale, the insider now directly owns 24,109 shares in the company, valued at approximately $906,498.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William T. Spitz sold 10,000 shares of Acadia Realty Trust stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $37.25, for a total value of $372,500.00. The disclosure for this sale can be found here. 2.22% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Acadia Realty Trust during the second quarter worth $109,000. PNC Financial Services Group Inc. raised its stake in Acadia Realty Trust by 792.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 3,090 shares in the last quarter. BlackRock Japan Co. Ltd raised its stake in Acadia Realty Trust by 2.6% in the first quarter. BlackRock Japan Co. Ltd now owns 3,701 shares of the real estate investment trust’s stock valued at $130,000 after buying an additional 94 shares in the last quarter. Bank of Montreal Can purchased a new stake in Acadia Realty Trust during the second quarter valued at $135,000. Finally, Tower Research Capital LLC TRC purchased a new stake in Acadia Realty Trust during the second quarter valued at $145,000. Hedge funds and other institutional investors own 99.04% of the company’s stock.
About Acadia Realty Trust
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, redevelopment and management of retail properties located primarily in metropolitan areas in the United States. The Company’s segments include Core Portfolio, Funds and Structured Financing. The Company conducts its operations through Acadia Realty Limited Partnership.
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