Zacks Investment Research Lowers Acadia Realty Trust (AKR) to Sell
Zacks Investment Research downgraded shares of Acadia Realty Trust (NYSE:AKR) from a hold rating to a sell rating in a research note issued to investors on Friday morning.
According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “
A number of other equities analysts also recently weighed in on AKR. ValuEngine raised shares of Acadia Realty Trust from a sell rating to a hold rating in a research note on Saturday, August 18th. Citigroup upped their price target on shares of Acadia Realty Trust from $27.00 to $29.00 and gave the stock a neutral rating in a research note on Wednesday, August 15th. Finally, Bank of America upped their price target on shares of Acadia Realty Trust from $30.00 to $32.00 and gave the stock a buy rating in a research note on Monday, September 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $31.33.
Acadia Realty Trust (NYSE:AKR) last announced its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Acadia Realty Trust had a net margin of 17.43% and a return on equity of 2.09%. The company had revenue of $51.60 million for the quarter, compared to the consensus estimate of $51.66 million. During the same period in the previous year, the business earned $0.37 EPS. The company’s revenue was down .2% on a year-over-year basis. On average, sell-side analysts forecast that Acadia Realty Trust will post 1.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, December 28th. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.93%. Acadia Realty Trust’s dividend payout ratio is 71.52%.
In related news, Director Wendy W. Luscombe sold 4,500 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $28.00, for a total value of $126,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 5,475 shares of company stock valued at $153,760 over the last quarter. 2.15% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Acadia Realty Trust by 3.0% in the third quarter. BlackRock Inc. now owns 14,099,382 shares of the real estate investment trust’s stock worth $395,205,000 after purchasing an additional 413,434 shares in the last quarter. Deutsche Bank AG boosted its holdings in Acadia Realty Trust by 10.0% in the third quarter. Deutsche Bank AG now owns 2,700,196 shares of the real estate investment trust’s stock worth $75,683,000 after purchasing an additional 244,834 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Acadia Realty Trust by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,322,778 shares of the real estate investment trust’s stock worth $37,075,000 after purchasing an additional 5,159 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Acadia Realty Trust by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 1,287,426 shares of the real estate investment trust’s stock worth $36,086,000 after purchasing an additional 9,092 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Acadia Realty Trust by 2.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,074,338 shares of the real estate investment trust’s stock worth $29,405,000 after purchasing an additional 28,376 shares in the last quarter.
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 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 urban and street-retail 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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