Acadia Realty Trust (NYSE:AKR) Upgraded to Buy at Compass Point

Compass Point upgraded shares of Acadia Realty Trust (NYSE:AKR) from a neutral rating to a buy rating in a research note published on Thursday, MarketBeat Ratings reports. The brokerage currently has $27.00 price target on the real estate investment trust’s stock, up from their previous price target of $23.00.

Other equities research analysts have also issued reports about the stock. StockNews.com upgraded shares of Acadia Realty Trust from a sell rating to a hold rating in a report on Saturday, September 28th. Truist Financial upped their price target on shares of Acadia Realty Trust from $18.00 to $23.00 and gave the company a hold rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. upgraded shares of Acadia Realty Trust from an underweight rating to a neutral rating and set a $18.00 price target for the company in a report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $21.60.

Acadia Realty Trust Price Performance

Shares of Acadia Realty Trust stock opened at $23.32 on Thursday. Acadia Realty Trust has a 52-week low of $13.24 and a 52-week high of $23.56. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 6.04 and a beta of 1.47. The company has a fifty day moving average of $22.37 and a 200-day moving average of $19.32. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.08 and a current ratio of 1.08.

Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings data 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 net margin of 0.20% and a return on equity of 0.03%. The business had revenue of $87.25 million during the quarter, compared to analysts’ expectations of $70.16 million. During the same period last year, the company posted $0.36 EPS. Acadia Realty Trust’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts expect that Acadia Realty Trust will post 1.29 EPS for the current year.

Acadia Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 3.26%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AKR. Price T Rowe Associates Inc. MD raised its holdings in Acadia Realty Trust by 2.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,460,179 shares of the real estate investment trust’s stock worth $143,741,000 after purchasing an additional 223,215 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Acadia Realty Trust in the 1st quarter worth $58,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Acadia Realty Trust by 3.0% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 115,520 shares of the real estate investment trust’s stock worth $1,965,000 after purchasing an additional 3,387 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Acadia Realty Trust by 7.0% in the 1st quarter. State of Alaska Department of Revenue now owns 109,813 shares of the real estate investment trust’s stock worth $1,866,000 after purchasing an additional 7,228 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its holdings in Acadia Realty Trust by 6.4% in the 1st quarter. Maryland State Retirement & Pension System now owns 36,854 shares of the real estate investment trust’s stock worth $615,000 after purchasing an additional 2,203 shares in the last quarter. 97.65% of the stock is currently owned by institutional investors.

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.