Acadia Realty Trust (NYSE:AKR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “
Several other equities research analysts also recently commented on AKR. Boenning Scattergood reissued an “outperform” rating and issued a $38.00 target price on shares of Acadia Realty Trust in a report on Tuesday, June 28th. BMO Capital Markets reaffirmed a “buy” rating and set a $40.00 price target on shares of Acadia Realty Trust in a report on Wednesday, July 27th. Citigroup Inc. upped their price target on Acadia Realty Trust from $40.50 to $41.50 and gave the company a “buy” rating in a report on Friday, August 12th. Finally, BTIG Research started coverage on Acadia Realty Trust in a report on Thursday, August 25th. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Acadia Realty Trust currently has a consensus rating of “Hold” and an average price target of $40.10.
Acadia Realty Trust (NYSE:AKR) opened at 34.98 on Monday. The firm’s 50-day moving average price is $36.33 and its 200-day moving average price is $35.31. Acadia Realty Trust has a 12-month low of $30.25 and a 12-month high of $38.01. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 36.17 and a beta of 0.67.
Acadia Realty Trust (NYSE:AKR) last released its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Acadia Realty Trust had a return on equity of 4.32% and a net margin of 32.18%. The company earned $51.30 million during the quarter, compared to the consensus estimate of $40.51 million. During the same period last year, the firm posted $0.48 earnings per share. The company’s revenue was down 9.9% compared to the same quarter last year. On average, equities analysts predict that Acadia Realty Trust will post $1.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Wednesday, September 28th. Acadia Realty Trust’s dividend payout ratio is 103.09%.
In other Acadia Realty Trust news, insider Joel L. Braun sold 22,000 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $37.60, for a total value of $827,200.00. Following the transaction, the insider now owns 24,109 shares of the company’s stock, valued at $906,498.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Lee S. Wielansky sold 12,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $37.03, for a total value of $444,360.00. The disclosure for this sale can be found here. 2.22% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its position in Acadia Realty Trust by 4.1% in the first quarter. State Street Corp now owns 2,296,308 shares of the real estate investment trust’s stock worth $80,675,000 after buying an additional 89,859 shares in the last quarter. Shinko Asset Management Co. Ltd. increased its position in Acadia Realty Trust by 17.9% in the second quarter. Shinko Asset Management Co. Ltd. now owns 1,101,776 shares of the real estate investment trust’s stock worth $39,135,000 after buying an additional 167,617 shares in the last quarter. Cornerstone Real Estate Advisers LLC increased its position in Acadia Realty Trust by 48.4% in the second quarter. Cornerstone Real Estate Advisers LLC now owns 233,214 shares of the real estate investment trust’s stock worth $8,284,000 after buying an additional 76,081 shares in the last quarter. Jennison Associates LLC increased its position in Acadia Realty Trust by 411.5% in the second quarter. Jennison Associates LLC now owns 42,088 shares of the real estate investment trust’s stock worth $1,495,000 after buying an additional 33,860 shares in the last quarter. Finally, BlackRock Japan Co. Ltd increased its position in Acadia Realty Trust by 2.6% in the first quarter. BlackRock Japan Co. Ltd now owns 3,701 shares of the real estate investment trust’s stock worth $130,000 after buying an additional 94 shares in the last quarter. 99.04% of the stock is currently owned by institutional investors.
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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