Acadia Realty Trust (NYSE:AKR) Announces Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Acadia Realty Trust (NYSE:AKR) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.01 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.30), Yahoo Finance reports. The company had revenue of $87.25 million for the quarter, compared to analyst estimates of $70.16 million. Acadia Realty Trust had a net margin of 2.38% and a return on equity of 0.39%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the company posted $0.36 earnings per share. Acadia Realty Trust updated its FY24 guidance to $1.26-1.32 EPS and its FY 2024 guidance to 1.260-1.320 EPS.

Acadia Realty Trust Stock Performance

Shares of NYSE AKR traded up $0.34 during trading hours on Wednesday, reaching $21.64. 209,595 shares of the stock were exchanged, compared to its average volume of 1,017,687. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 266.38, a P/E/G ratio of 5.42 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.90. Acadia Realty Trust has a 52 week low of $13.24 and a 52 week high of $22.51. The stock’s fifty day simple moving average is $18.13 and its 200 day simple moving average is $17.32.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Acadia Realty Trust

In other Acadia Realty Trust news, CFO John J. Gottfried sold 12,500 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $16.89, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Acadia Realty Trust news, CFO John J. Gottfried sold 12,500 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $16.89, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Richard Hartmann sold 25,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $17.10, for a total value of $427,500.00. The disclosure for this sale can be found here. 2.83% of the stock is owned by corporate insiders.

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.