Acadia Realty Trust (NYSE:AKR) Posts Earnings Results, Misses Estimates By $0.27 EPS

Acadia Realty Trust (NYSE:AKR) announced its quarterly earnings data on Monday. The real estate investment trust reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.27), Yahoo Finance reports. The company had revenue of $91.36 million for the quarter, compared to the consensus estimate of $69.75 million. Acadia Realty Trust had a net margin of 5.72% and a return on equity of 0.91%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 earnings per share. Acadia Realty Trust updated its FY24 guidance to $1.24-1.32 EPS and its FY 2024 guidance to 1.240-1.320 EPS.

Acadia Realty Trust Price Performance

AKR traded down $0.43 during trading on Tuesday, hitting $17.17. 64,168 shares of the company traded hands, compared to its average volume of 1,173,907. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.90. The company has a market cap of $1.77 billion, a PE ratio of 92.66, a P/E/G ratio of 11.56 and a beta of 1.44. The stock’s 50-day simple moving average is $16.73 and its two-hundred day simple moving average is $16.23. Acadia Realty Trust has a 1 year low of $12.37 and a 1 year high of $17.90.

Acadia Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.19%. Acadia Realty Trust’s dividend payout ratio is 378.97%.

Analysts Set New Price Targets

AKR has been the subject of a number of recent analyst reports. Bank of America upgraded shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $18.00 to $20.00 in a research report on Friday, April 5th. Jefferies Financial Group raised shares of Acadia Realty Trust from a “hold” rating to a “buy” rating and upped their target price for the stock from $15.00 to $20.00 in a report on Tuesday, January 2nd. Finally, Truist Financial lowered Acadia Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.50.

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 Portfolio 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 corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.