Bank of America Increases Acadia Realty Trust (AKR) Price Target to $32.00
Acadia Realty Trust (NYSE:AKR) had its price objective increased by research analysts at Bank of America from $30.00 to $32.00 in a research note issued on Monday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Bank of America’s price objective points to a potential upside of 12.20% from the stock’s previous close.
Several other analysts also recently issued reports on AKR. ValuEngine raised shares of Acadia Realty Trust from a “sell” rating to a “hold” rating in a research report on Monday, June 18th. Zacks Investment Research downgraded shares of Acadia Realty Trust from a “hold” rating to a “sell” rating in a research report on Monday, August 13th. Finally, Citigroup increased their price objective on shares of Acadia Realty Trust from $27.00 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $31.33.
Shares of NYSE:AKR opened at $28.52 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.00 and a quick ratio of 1.00. Acadia Realty Trust has a 52-week low of $21.34 and a 52-week high of $30.63. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 2.34 and a beta of 0.35.
In other news, insider Joseph Napolitano sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $28.51, for a total transaction of $128,295.00. Following the completion of the sale, the insider now owns 4,618 shares of the company’s stock, valued at $131,659.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendy W. Luscombe sold 2,204 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $28.12, for a total transaction of $61,976.48. Following the sale, the director now directly owns 40,198 shares of the company’s stock, valued at approximately $1,130,367.76. The disclosure for this sale can be found here. Insiders have sold 9,606 shares of company stock valued at $273,014 in the last three months. Corporate insiders own 2.15% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in AKR. Paloma Partners Management Co acquired a new stake in shares of Acadia Realty Trust during the second quarter worth approximately $222,000. Point72 Hong Kong Ltd acquired a new stake in shares of Acadia Realty Trust during the second quarter worth approximately $297,000. Xact Kapitalforvaltning AB grew its position in shares of Acadia Realty Trust by 45.4% during the first quarter. Xact Kapitalforvaltning AB now owns 13,132 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 4,100 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Acadia Realty Trust during the second quarter worth approximately $390,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Acadia Realty Trust during the second quarter worth approximately $472,000.
Acadia Realty Trust Company Profile
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation's most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.
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