Acadia Realty Trust (NYSE:AKR) Updates FY24 Earnings Guidance

Acadia Realty Trust (NYSE:AKR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.26-1.32 for the period, compared to the consensus earnings per share estimate of $1.28. Acadia Realty Trust also updated its FY 2024 guidance to 1.260-1.320 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Acadia Realty Trust from an underweight rating to a neutral rating and set a $18.00 price target for the company in a research note on Wednesday, June 26th. Bank of America upgraded shares of Acadia Realty Trust from a neutral rating to a buy rating and lifted their price objective for the company from $18.00 to $20.00 in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $18.40.

Acadia Realty Trust Price Performance

NYSE:AKR traded up $0.74 during trading hours on Tuesday, hitting $21.31. The stock had a trading volume of 1,241,361 shares, compared to its average volume of 1,023,606. The company has a 50 day simple moving average of $18.13 and a two-hundred day simple moving average of $17.32. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.90 and a quick ratio of 0.90. Acadia Realty Trust has a one year low of $13.24 and a one year high of $21.34. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 266.38, a P/E/G ratio of 5.38 and a beta of 1.46.

Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.03 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.27). Acadia Realty Trust had a net margin of 2.38% and a return on equity of 0.39%. The firm had revenue of $91.36 million during the quarter, compared to the consensus estimate of $69.75 million. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts forecast that Acadia Realty Trust will post 1.28 earnings per share for the current fiscal year.

Acadia Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.38%. The ex-dividend date was Friday, June 28th. Acadia Realty Trust’s payout ratio is 900.00%.

Insider Buying and Selling at Acadia Realty Trust

In other news, VP Richard Hartmann sold 25,000 shares of Acadia Realty Trust stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $17.10, for a total transaction of $427,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO John J. Gottfried sold 12,500 shares of Acadia Realty Trust stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $16.89, for a total value of $211,125.00. Following the transaction, the chief financial officer now owns 7,600 shares in the company, valued at approximately $128,364. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Richard Hartmann sold 25,000 shares of Acadia Realty Trust stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $17.10, for a total transaction of $427,500.00. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.

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 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.