Acadia Realty Trust (NYSE:AKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
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. “
AKR has been the topic of several other reports. BMO Capital Markets reissued a “buy” rating and issued a $40.00 target price on shares of Acadia Realty Trust in a research report on Wednesday, July 27th. BTIG Research assumed coverage on Acadia Realty Trust in a research report on Thursday, August 25th. They issued a “neutral” rating on the stock. Citigroup Inc. raised their target price on Acadia Realty Trust from $40.50 to $41.50 and gave the stock a “buy” rating in a research report on Friday, August 12th. Finally, Boenning Scattergood reissued an “outperform” rating and issued a $38.00 target price on shares of Acadia Realty Trust in a research report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Acadia Realty Trust currently has an average rating of “Buy” and a consensus price target of $39.70.
Acadia Realty Trust (NYSE:AKR) opened at 34.74 on Friday. The company has a market capitalization of $2.63 billion, a PE ratio of 35.93 and a beta of 0.67. The company has a 50 day moving average of $35.88 and a 200 day moving average of $35.32. Acadia Realty Trust has a 52-week low of $30.25 and a 52-week high of $38.01.
Acadia Realty Trust (NYSE:AKR) last announced its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.01. The firm earned $51.30 million during the quarter, compared to analysts’ expectations of $40.51 million. Acadia Realty Trust had a return on equity of 4.32% and a net margin of 32.18%. The company’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. On average, equities research analysts forecast that Acadia Realty Trust will post $1.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.88%. Acadia Realty Trust’s payout ratio is currently 103.09%.
In related news, Director Lee S. Wielansky sold 12,000 shares of Acadia Realty Trust stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $37.03, for a total transaction of $444,360.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joel L. Braun sold 22,000 shares of Acadia Realty Trust stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $37.60, for a total value of $827,200.00. Following the sale, the insider now directly owns 24,109 shares in the company, valued at approximately $906,498.40. The disclosure for this sale can be found here. Insiders own 2.22% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new stake in shares of Acadia Realty Trust during the second quarter valued at about $109,000. PNC Financial Services Group Inc. increased its stake in shares of Acadia Realty Trust by 792.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 3,090 shares during the period. BlackRock Japan Co. Ltd increased its stake in shares of 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 valued at $130,000 after buying an additional 94 shares during the period. Bank of Montreal Can acquired a new stake in shares of Acadia Realty Trust during the second quarter valued at about $135,000. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of Acadia Realty Trust during the second quarter valued at about $145,000. 99.04% of the stock is currently owned by institutional investors.
Acadia Realty Trust Company Profile
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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