Truist Financial Raises Acadia Realty Trust (NYSE:AKR) Price Target to $23.00

Acadia Realty Trust (NYSE:AKR) had its price target upped by Truist Financial from $18.00 to $23.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

Several other equities analysts also recently issued reports on the company. StockNews.com downgraded Acadia Realty Trust from a hold rating to a sell rating in a research report on Friday, August 9th. JPMorgan Chase & Co. raised shares of Acadia Realty Trust from an underweight rating to a neutral rating and set a $18.00 price objective on the stock in a report on Wednesday, June 26th. One research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $19.40.

Acadia Realty Trust Price Performance

Shares of AKR stock opened at $22.51 on Wednesday. The stock’s fifty day simple moving average is $20.29 and its 200 day simple moving average is $18.06. Acadia Realty Trust has a one year low of $13.24 and a one year high of $22.69. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 281.38, a P/E/G ratio of 5.71 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.08 and a quick ratio of 0.90.

Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.01 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.30). The firm had revenue of $87.25 million during the quarter, compared to analyst estimates of $70.16 million. Acadia Realty Trust had a net margin of 0.20% and a return on equity of 0.03%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, analysts expect that Acadia Realty Trust will post 1.28 earnings per share 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. Stockholders of record on Monday, September 30th will be given a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.38%. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s payout ratio is presently 950.00%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AKR. Vanguard Group Inc. boosted its position in shares of Acadia Realty Trust by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 16,682,822 shares of the real estate investment trust’s stock worth $283,775,000 after purchasing an additional 1,192,138 shares during the last quarter. Easterly Investment Partners LLC acquired a new position in shares of Acadia Realty Trust during the 1st quarter worth about $18,139,000. APG Asset Management US Inc. bought a new stake in shares of Acadia Realty Trust in the 2nd quarter valued at about $18,070,000. Cohen & Steers Inc. raised its position in shares of Acadia Realty Trust by 5.2% in the 4th quarter. Cohen & Steers Inc. now owns 15,790,037 shares of the real estate investment trust’s stock valued at $268,273,000 after acquiring an additional 776,121 shares during the period. Finally, Norges Bank bought a new position in Acadia Realty Trust during the 4th quarter worth approximately $10,414,000. 97.65% of the stock is currently owned by institutional investors and hedge funds.

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.