Acadia Realty Trust (AKR) Increases Dividend to $0.28 Per Share
Acadia Realty Trust (NYSE:AKR) declared a quarterly dividend on Thursday, November 15th, RTT News reports. Stockholders of record on Monday, December 31st will be given a dividend of 0.28 per share by the real estate investment trust on Tuesday, January 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.97%. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.27.
Acadia Realty Trust has increased its dividend payment by an average of 4.2% annually over the last three years and has increased its dividend every year for the last 5 years. Acadia Realty Trust has a payout ratio of 78.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect Acadia Realty Trust to earn $1.46 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 74.0%.
Shares of Acadia Realty Trust stock traded down $0.21 during trading hours on Thursday, reaching $28.23. 607,100 shares of the company’s stock were exchanged, compared to its average volume of 607,630. Acadia Realty Trust has a fifty-two week low of $21.34 and a fifty-two week high of $29.48. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 2.35 and a beta of 0.26.
In other Acadia Realty Trust news, insider Richard Hartmann sold 2,203 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $28.51, for a total transaction of $62,807.53. Following the completion of the sale, the insider now directly owns 444 shares in the company, valued at $12,658.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 owns 40,198 shares of the company’s stock, valued at $1,130,367.76. The disclosure for this sale can be found here. Insiders have sold 14,382 shares of company stock valued at $406,839 over the last 90 days. Company insiders own 2.15% of the company’s stock.
Several equities research analysts recently issued reports on AKR shares. Bank of America raised their target price on shares of Acadia Realty Trust from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research downgraded shares of Acadia Realty Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Citigroup raised their target price on shares of Acadia Realty Trust from $27.00 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, August 15th. Finally, ValuEngine upgraded shares of Acadia Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, August 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Acadia Realty Trust has a consensus rating of “Hold” and an average target price of $31.33.
About Acadia Realty Trust
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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