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.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. raised Acadia Realty Trust from an underweight rating to a neutral rating and set a $18.00 target price on the stock in a research note on Wednesday, June 26th. Bank of America upgraded Acadia Realty Trust from a neutral rating to a buy rating and increased their price target for the company from $18.00 to $20.00 in a report on Friday, April 5th. Finally, StockNews.com upgraded Acadia Realty Trust from a sell rating to a hold rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Acadia Realty Trust currently has an average rating of Hold and an average target price of $18.40.

Acadia Realty Trust Price Performance

Shares of NYSE:AKR traded down $0.21 during midday trading on Friday, reaching $21.45. 1,318,763 shares of the company’s stock traded hands, compared to its average volume of 1,037,394. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.90. The company has a fifty day simple moving average of $18.33 and a two-hundred day simple moving average of $17.38. The company has a market cap of $2.21 billion, a P/E ratio of 270.75, a PEG ratio of 5.70 and a beta of 1.46. Acadia Realty Trust has a 1 year low of $13.24 and a 1 year high of $22.51.

Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.30). Acadia Realty Trust had a return on equity of 0.03% and a net margin of 0.20%. The company had revenue of $87.25 million for the quarter, compared to analyst estimates of $70.16 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities analysts predict that Acadia Realty Trust will post 1.28 EPS for the current fiscal year.

Acadia Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.19 dividend. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a yield of 3.54%. Acadia Realty Trust’s payout ratio is presently 900.00%.

Acadia Realty Trust Company Profile

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.