Acadia Realty Trust (AKR) Upgraded by Zacks Investment Research to “Buy”
Acadia Realty Trust (NYSE:AKR) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $39.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s price target suggests a potential upside of 12.26% from the company’s current price.
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. “
Other equities analysts have also recently issued reports about the stock. Citigroup Inc. boosted their price objective 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 reissued a “buy” rating and issued a $40.00 price objective on shares of Acadia Realty Trust in a research note on Wednesday, July 27th. BTIG Research began coverage on shares of Acadia Realty Trust in a research note on Thursday, August 25th. They issued a “neutral” rating on the stock. Finally, Boenning Scattergood reaffirmed an “outperform” rating and set a $38.00 price target on shares of Acadia Realty Trust in a research note on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Acadia Realty Trust has a consensus rating of “Buy” and a consensus price target of $39.70.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/17/acadia-realty-trust-akr-upgraded-by-zacks-investment-research-to-buy.html
Acadia Realty Trust (NYSE:AKR) traded up 0.40% during trading on Monday, hitting $34.74. 169,955 shares of the stock traded hands. Acadia Realty Trust has a 52-week low of $30.25 and a 52-week high of $38.01. The company’s 50 day moving average price is $35.93 and its 200-day moving average price is $35.31. The stock has a market cap of $2.63 billion, a P/E ratio of 35.93 and a beta of 0.67.
Acadia Realty Trust (NYSE:AKR) last announced 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 consensus estimate of $0.38 by $0.01. The firm earned $51.30 million during the quarter, compared to analyst estimates of $40.51 million. Acadia Realty Trust had a net margin of 32.18% and a return on equity of 4.32%. The business’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share. Equities research analysts forecast that Acadia Realty Trust will post $1.57 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.88%. Acadia Realty Trust’s dividend payout ratio is presently 103.09%.
In other Acadia Realty Trust news, Director William T. Spitz sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $37.25, for a total value of $372,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joel L. Braun sold 22,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $37.60, for a total transaction of $827,200.00. Following the completion of the transaction, the insider now owns 24,109 shares in the company, valued at $906,498.40. The disclosure for this sale can be found here. 2.22% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AKR. BlackRock Japan Co. Ltd increased its position in Acadia Realty Trust by 0.4% in the second quarter. BlackRock Japan Co. Ltd now owns 3,717 shares of the real estate investment trust’s stock worth $132,000 after buying an additional 16 shares in the last quarter. Gerstein Fisher increased its position in Acadia Realty Trust by 0.6% in the second quarter. Gerstein Fisher now owns 9,771 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 62 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Acadia Realty Trust by 0.9% in the second quarter. Nisa Investment Advisors LLC now owns 23,300 shares of the real estate investment trust’s stock worth $828,000 after buying an additional 200 shares in the last quarter. ProShare Advisors LLC increased its position in Acadia Realty Trust by 2.4% in the second quarter. ProShare Advisors LLC now owns 10,272 shares of the real estate investment trust’s stock worth $365,000 after buying an additional 239 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Acadia Realty Trust by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,516 shares of the real estate investment trust’s stock worth $693,000 after buying an additional 285 shares in the last quarter. Institutional investors own 99.04% of the company’s stock.
Acadia Realty Trust Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Acadia Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acadia Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.