Brokerages Set Acadia Realty Trust (AKR) Target Price at $33.50
Acadia Realty Trust (NYSE:AKR) has earned an average rating of “Buy” from the eight ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $33.50.
A number of analysts have commented on AKR shares. Zacks Investment Research upgraded shares of Acadia Realty Trust from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Boenning Scattergood set a $35.00 price objective on shares of Acadia Realty Trust and gave the company a “buy” rating in a report on Thursday, July 27th. KeyCorp cut their price objective on shares of Acadia Realty Trust from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, June 28th. BidaskClub upgraded shares of Acadia Realty Trust from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $30.00 price objective (down previously from $35.00) on shares of Acadia Realty Trust in a report on Tuesday, June 6th.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Acadia Realty Trust by 3.7% in the second quarter. Vanguard Group Inc. now owns 13,739,896 shares of the real estate investment trust’s stock worth $381,969,000 after buying an additional 487,984 shares during the last quarter. BlackRock Inc. increased its stake in Acadia Realty Trust by 1.4% in the second quarter. BlackRock Inc. now owns 12,337,668 shares of the real estate investment trust’s stock worth $342,987,000 after buying an additional 165,976 shares during the last quarter. FMR LLC increased its stake in shares of Acadia Realty Trust by 3.3% in the second quarter. FMR LLC now owns 11,066,494 shares of the real estate investment trust’s stock worth $307,648,000 after buying an additional 348,630 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Acadia Realty Trust by 24.2% in the second quarter. Goldman Sachs Group Inc. now owns 5,750,851 shares of the real estate investment trust’s stock worth $159,874,000 after buying an additional 1,118,734 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Acadia Realty Trust by 2.9% in the second quarter. State Street Corp now owns 3,243,651 shares of the real estate investment trust’s stock worth $90,178,000 after buying an additional 90,943 shares in the last quarter.
Shares of Acadia Realty Trust (NYSE AKR) traded up 1.40% during midday trading on Tuesday, reaching $28.93. The company had a trading volume of 476,809 shares. The stock has a 50-day moving average of $28.89 and a 200 day moving average of $29.44. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 44.78 and a beta of 0.59. Acadia Realty Trust has a 52 week low of $26.70 and a 52 week high of $37.54.
Acadia Realty Trust (NYSE:AKR) last issued its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.29. The firm had revenue of $59.50 million for the quarter, compared to analyst estimates of $53.72 million. Acadia Realty Trust had a net margin of 23.63% and a return on equity of 2.50%. Acadia Realty Trust’s quarterly revenue was up 35.2% compared to the same quarter last year. During the same period last year, the company posted $0.37 EPS. On average, analysts anticipate that Acadia Realty Trust will post $0.43 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.26 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.04 dividend on an annualized basis and a yield of 3.59%. Acadia Realty Trust’s payout ratio is 162.50%.
About Acadia Realty Trust
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, development and management of retail properties located in the United States. It operates through three segments: Core Portfolio, Funds and Structured Financing. Core Portfolio and Fund properties primarily consist of street and urban retail, and dense suburban shopping centers.
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