Short Interest in Acadia Realty Trust (AKR) Declines By 39.0%
Acadia Realty Trust (NYSE:AKR) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,466,911 shares, a decline of 39.0% from the October 14th total of 5,683,947 shares. Currently, 4.3% of the company’s stock are short sold. Based on an average daily volume of 425,628 shares, the days-to-cover ratio is presently 8.1 days.
AKR has been the subject of several recent analyst reports. Citigroup Inc. lifted their price target on Acadia Realty Trust from $40.50 to $41.50 and gave the stock a “buy” rating in a research report 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 research report on Wednesday, July 27th. Zacks Investment Research raised Acadia Realty Trust from a “sell” rating to a “buy” rating and set a $39.00 price target for the company in a research report on Monday, October 17th. Finally, BTIG Research initiated coverage on Acadia Realty Trust in a report on Thursday, August 25th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $39.63.
Shares of Acadia Realty Trust (NYSE:AKR) opened at 33.32 on Thursday. The company has a 50-day moving average price of $33.70 and a 200 day moving average price of $35.16. The company has a market capitalization of $2.69 billion, a P/E ratio of 39.81 and a beta of 0.65. Acadia Realty Trust has a 12-month low of $30.25 and a 12-month high of $38.01.
Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings data on Tuesday, October 25th. The real estate investment trust reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The company had revenue of $51.10 million for the quarter, compared to the consensus estimate of $41.70 million. Acadia Realty Trust had a return on equity of 3.56% and a net margin of 29.38%. Acadia Realty Trust’s quarterly revenue was down 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 EPS. On average, equities analysts anticipate that Acadia Realty Trust will post $1.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Friday, December 30th will be given a dividend of $0.26 per share. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, December 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.12%. Acadia Realty Trust’s dividend payout ratio is presently 117.65%.
Several institutional investors have recently bought and sold shares of the company. Lasalle Investment Management Securities LLC purchased a new position in Acadia Realty Trust during the third quarter worth about $72,308,000. BlackRock Fund Advisors increased its position in Acadia Realty Trust by 31.2% in the third quarter. BlackRock Fund Advisors now owns 5,916,378 shares of the real estate investment trust’s stock worth $214,410,000 after buying an additional 1,406,187 shares during the last quarter. Shinko Asset Management Co. Ltd. increased its position in Acadia Realty Trust by 127.3% in the third quarter. Shinko Asset Management Co. Ltd. now owns 2,504,198 shares of the real estate investment trust’s stock worth $90,752,000 after buying an additional 1,402,422 shares during the last quarter. FMR LLC increased its position in Acadia Realty Trust by 5.6% in the second quarter. FMR LLC now owns 10,024,944 shares of the real estate investment trust’s stock worth $356,086,000 after buying an additional 529,724 shares during the last quarter. Finally, Brookfield Asset Management Inc. increased its position in Acadia Realty Trust by 54.1% in the third quarter. Brookfield Asset Management Inc. now owns 1,480,383 shares of the real estate investment trust’s stock worth $53,649,000 after buying an additional 519,923 shares during the last quarter. 99.25% of the stock is currently owned by institutional investors and hedge funds.
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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