Acadia Realty Trust (AKR) Shares Gap Up to $36.48
Acadia Realty Trust (NYSE:AKR)’s share price gapped up prior to trading 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 trading hands.
AKR has been the topic of several recent analyst reports. Citigroup Inc. increased their price target on shares of Acadia Realty Trust from $40.50 to $41.50 and gave the company a “buy” rating in a research note on Friday, August 12th. BMO Capital Markets restated a “buy” rating and set a $40.00 target price on shares of Acadia Realty Trust in a research report on Wednesday, July 27th. Zacks Investment Research upgraded shares of Acadia Realty Trust from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Wednesday, July 6th. BTIG Research started coverage on shares of Acadia Realty Trust in a research report on Thursday. They set a “neutral” rating on the stock. Finally, Boenning Scattergood restated an “outperform” rating and set 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 given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $40.10.
The company has a market capitalization of $2.77 billion and a PE ratio of 37.86. The firm has a 50 day moving average of $36.64 and a 200 day moving average of $34.77.
Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by $0.01. The company earned $51.30 million during the quarter, compared to analysts’ expectations of $40.51 million. During the same quarter in the previous year, the business earned $0.48 earnings per share. The business’s quarterly revenue was down 9.9% compared to the same quarter last year. On average, analysts anticipate that Acadia Realty Trust will post $1.58 EPS for the current year.
The business also recently declared 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. This represents a $1.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Wednesday, September 28th.
In related news, Director William T. Spitz sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $37.25, for a total transaction of $372,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lee S. Wielansky sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $37.03, for a total value of $444,360.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Acadia Realty Trust stock. Principal Financial Group Inc. increased its stake in Acadia Realty Trust (NYSE:AKR) by 4.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (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 about 0.67% of Acadia Realty Trust worth $15,375,000 at the end of the most recent quarter.
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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