Wells Fargo & Company MN grew its stake in shares of Acadia Realty Trust (NYSE:AKR) by 58.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 592,114 shares of the real estate investment trust’s stock after acquiring an additional 217,851 shares during the quarter. Wells Fargo & Company MN owned about 0.71% of Acadia Realty Trust worth $16,200,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of Acadia Realty Trust by 72.2% during the 2nd quarter. Royal Bank of Canada now owns 6,620 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 2,775 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Acadia Realty Trust during the 4th quarter worth $277,000. Crossmark Global Holdings Inc. bought a new stake in shares of Acadia Realty Trust during the 3rd quarter worth $503,000. Fox Run Management L.L.C. bought a new stake in shares of Acadia Realty Trust during the 4th quarter worth $678,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Acadia Realty Trust by 8.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,943 shares of the real estate investment trust’s stock worth $685,000 after buying an additional 1,896 shares during the last quarter.
In other Acadia Realty Trust news, insider Joseph Napolitano sold 14,626 shares of the company’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $25.26, for a total value of $369,452.76. Following the completion of the transaction, the insider now owns 14,744 shares of the company’s stock, valued at approximately $372,433.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.74% of the stock is owned by corporate insiders.
Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). Acadia Realty Trust had a return on equity of 2.81% and a net margin of 24.56%. The firm had revenue of $66.08 million during the quarter, compared to analyst estimates of $50.00 million. equities analysts forecast that Acadia Realty Trust will post 1.39 earnings per share for the current year.
Acadia Realty Trust declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 21st that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be issued a $0.27 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.08 dividend on an annualized basis and a yield of 4.35%. Acadia Realty Trust’s payout ratio is presently 150.00%.
Several analysts recently weighed in on the company. Zacks Investment Research upgraded Acadia Realty Trust from a “sell” rating to a “hold” rating in a research report on Tuesday. Citigroup dropped their price objective on Acadia Realty Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Boenning Scattergood restated a “buy” rating on shares of Acadia Realty Trust in a research report on Friday, February 23rd. Finally, KeyCorp downgraded Acadia Realty Trust from an “overweight” rating to a “hold” rating in a research report on Monday, November 20th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Acadia Realty Trust currently has an average rating of “Buy” and an average price target of $32.75.
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Acadia Realty Trust Profile
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, development and management of retail properties located in the United States. It operates through three segments: Core Portfolio, Funds and Structured Financing. Core Portfolio and Fund properties primarily consist of street and urban retail, and dense suburban shopping centers.
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