Truist Financial upgraded shares of Acadia Realty Trust (NYSE:AKR - Free Report) from a hold rating to a buy rating in a research note released on Thursday, MarketBeat Ratings reports. They currently have $23.00 price target on the real estate investment trust's stock.
Acadia Realty Trust Price Performance
Shares of AKR traded up $0.10 during midday trading on Thursday, hitting $18.99. 198,731 shares of the company traded hands, compared to its average volume of 1,116,511. Acadia Realty Trust has a one year low of $16.14 and a one year high of $26.29. The firm has a market cap of $2.27 billion, a P/E ratio of 105.50, a PEG ratio of 6.09 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50-day moving average of $21.63 and a 200-day moving average of $23.23.
Acadia Realty Trust (NYSE:AKR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $0.32 EPS for the quarter, beating the consensus estimate of $0.09 by $0.23. Acadia Realty Trust had a net margin of 5.74% and a return on equity of 0.88%. As a group, sell-side analysts predict that Acadia Realty Trust will post 1.34 EPS for the current fiscal year.
Acadia Realty Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.21%. This is a boost from Acadia Realty Trust's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Monday, March 31st. Acadia Realty Trust's dividend payout ratio is 444.44%.
Insider Buying and Selling at Acadia Realty Trust
In other news, EVP Jason Blacksberg sold 30,000 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $22.81, for a total transaction of $684,300.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.83% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Acadia Realty Trust
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Acadia Realty Trust by 8.8% in the 4th quarter. Vanguard Group Inc. now owns 18,097,268 shares of the real estate investment trust's stock worth $437,230,000 after buying an additional 1,459,448 shares during the last quarter. FMR LLC lifted its stake in Acadia Realty Trust by 21.3% in the fourth quarter. FMR LLC now owns 11,620,757 shares of the real estate investment trust's stock worth $280,757,000 after purchasing an additional 2,041,986 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Acadia Realty Trust by 11.7% during the fourth quarter. Geode Capital Management LLC now owns 2,949,612 shares of the real estate investment trust's stock valued at $71,278,000 after buying an additional 308,117 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Acadia Realty Trust by 11.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,150,584 shares of the real estate investment trust's stock valued at $51,958,000 after acquiring an additional 219,983 shares during the period. Finally, Northern Trust Corp increased its stake in Acadia Realty Trust by 73.1% in the 4th quarter. Northern Trust Corp now owns 1,972,104 shares of the real estate investment trust's stock worth $47,646,000 after purchasing an additional 832,794 shares during the period. Institutional investors own 97.65% of the company's stock.
About Acadia Realty Trust
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Get Free Report)
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.
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