Acadia Realty Trust (NYSE:AKR) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Acadia Realty Trust (NYSE:AKR) from a hold rating to a sell rating in a report issued on Tuesday, Zacks.com reports.

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. “

Separately, Compass Point assumed coverage on shares of Acadia Realty Trust in a research report on Thursday, August 15th. They set a buy rating and a $30.00 price target for the company.

Shares of AKR stock opened at $26.47 on Tuesday. The stock has a 50-day moving average price of $27.64 and a 200 day moving average price of $27.90. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.74. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 3.64 and a beta of 0.63. Acadia Realty Trust has a 12 month low of $23.11 and a 12 month high of $29.82.

Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.21). Acadia Realty Trust had a return on equity of 1.82% and a net margin of 13.42%. The firm had revenue of $72.19 million for the quarter, compared to the consensus estimate of $61.66 million. During the same period in the prior year, the firm posted $0.35 earnings per share. The business’s revenue for the quarter was up 41.5% compared to the same quarter last year. Sell-side analysts predict that Acadia Realty Trust will post 1.42 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.29 per share. This is a boost from Acadia Realty Trust’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, December 30th. This represents a $1.16 annualized dividend and a dividend yield of 4.38%. Acadia Realty Trust’s payout ratio is presently 82.96%.

Several hedge funds have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan grew its holdings in shares of Acadia Realty Trust by 2.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 24,390 shares of the real estate investment trust’s stock valued at $668,000 after buying an additional 480 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Acadia Realty Trust in the 2nd quarter valued at approximately $26,533,000. Cohen & Steers Inc. bought a new stake in Acadia Realty Trust during the 2nd quarter worth approximately $81,150,000. Mason Street Advisors LLC increased its stake in Acadia Realty Trust by 3.8% during the 3rd quarter. Mason Street Advisors LLC now owns 28,676 shares of the real estate investment trust’s stock worth $820,000 after purchasing an additional 1,048 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Acadia Realty Trust by 84.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 94,755 shares of the real estate investment trust’s stock worth $2,593,000 after buying an additional 43,384 shares during the period.

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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