Acadia Realty Trust (AKR) Shares Gap Up to $36.48
Acadia Realty Trust (NYSE:AKR)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $36.44, but opened at $36.48. Acadia Realty Trust shares last traded at $36.78, with a volume of 197,475 shares changing hands.
AKR has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “buy” rating and issued a $40.00 price objective on shares of Acadia Realty Trust in a report on Wednesday, July 27th. BTIG Research initiated coverage on shares of Acadia Realty Trust in a report on Thursday. They issued a “neutral” rating for the company. Zacks Investment Research upgraded shares of Acadia Realty Trust from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Wednesday, July 6th. Boenning Scattergood restated an “outperform” rating and issued a $38.00 price objective on shares of Acadia Realty Trust in a report on Tuesday, June 28th. Finally, Citigroup Inc. boosted their price objective on shares of Acadia Realty Trust from $40.50 to $41.50 and gave the stock a “buy” rating in a report on Friday, August 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $40.10.
The company has a market capitalization of $2.78 billion and a price-to-earnings ratio of 37.95. The company has a 50 day moving average price of $36.62 and a 200-day moving average price of $34.74.
Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.01. The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $40.51 million. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. On average, analysts expect that Acadia Realty Trust will post $1.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.72%.
In other Acadia Realty Trust news, insider Joel L. Braun sold 22,000 shares of the firm’s stock in a transaction 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 completion of 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 is available at this link. Also, Director Lee S. Wielansky sold 12,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $37.03, for a total transaction of $444,360.00. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Acadia Realty Trust stock. Principal Financial Group Inc. raised its stake in Acadia Realty Trust (NYSE:AKR) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 463,826 shares of the real estate investment trust’s stock after buying an additional 20,607 shares during the period. Principal Financial Group Inc. owned 0.67% of Acadia Realty Trust worth $15,375,000 at the end of the most recent reporting period.
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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