Acadia Realty Trust (NYSE:AKR) Cut to Sell at StockNews.com

StockNews.com cut shares of Acadia Realty Trust (NYSE:AKR) from a hold rating to a sell rating in a research report released on Friday morning.

AKR has been the topic of several other research reports. Compass Point boosted their price objective on Acadia Realty Trust from $22.00 to $23.00 and gave the stock a neutral rating in a report on Tuesday, September 10th. Truist Financial increased their price target on shares of Acadia Realty Trust from $18.00 to $23.00 and gave the stock a hold rating in a research note on Wednesday, August 28th. Finally, JPMorgan Chase & Co. raised shares of Acadia Realty Trust from an underweight rating to a neutral rating and set a $18.00 price objective for the company in a research note on Wednesday, June 26th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $20.80.

Acadia Realty Trust Stock Performance

NYSE:AKR opened at $22.71 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.08 and a quick ratio of 1.08. Acadia Realty Trust has a 1-year low of $13.24 and a 1-year high of $23.29. The firm has a 50-day moving average of $21.62 and a two-hundred day moving average of $18.71. The stock has a market cap of $2.34 billion, a P/E ratio of 283.88, a PEG ratio of 5.85 and a beta of 1.47.

Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.30). Acadia Realty Trust had a return on equity of 0.03% and a net margin of 0.20%. The business had revenue of $87.25 million during the quarter, compared to the consensus estimate of $70.16 million. During the same period in the prior year, the business earned $0.36 EPS. The business’s revenue was down 3.0% on a year-over-year basis. On average, research analysts expect that Acadia Realty Trust will post 1.29 earnings per share for the current fiscal year.

Acadia Realty Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Monday, September 30th. This is a boost from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s payout ratio is currently 950.00%.

Institutional Trading of Acadia Realty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AKR. Vanguard Group Inc. grew its stake in shares of Acadia Realty Trust by 7.7% in the first quarter. Vanguard Group Inc. now owns 16,682,822 shares of the real estate investment trust’s stock worth $283,775,000 after acquiring an additional 1,192,138 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of Acadia Realty Trust by 5.2% during the 4th quarter. Cohen & Steers Inc. now owns 15,790,037 shares of the real estate investment trust’s stock worth $268,273,000 after purchasing an additional 776,121 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Acadia Realty Trust by 4.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,848,246 shares of the real estate investment trust’s stock valued at $150,511,000 after buying an additional 388,067 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Acadia Realty Trust by 5.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,469,739 shares of the real estate investment trust’s stock worth $26,337,000 after buying an additional 75,233 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Acadia Realty Trust by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 1,176,907 shares of the real estate investment trust’s stock valued at $21,090,000 after acquiring an additional 8,739 shares during the period. Institutional investors and hedge funds own 97.65% of the company’s stock.

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 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.