Teachers Insurance & Annuity Association of America increased its stake in shares of Acadia Realty Trust (NYSE:AKR) by 18.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,681 shares of the real estate investment trust’s stock after purchasing an additional 16,912 shares during the quarter. Teachers Insurance & Annuity Association of America owned approximately 0.13% of Acadia Realty Trust worth $2,649,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of AKR. BlackRock Inc. lifted its stake in shares of Acadia Realty Trust by 7.1% during the 4th quarter. BlackRock Inc. now owns 13,097,046 shares of the real estate investment trust’s stock worth $358,335,000 after purchasing an additional 872,787 shares during the last quarter. Citadel Advisors LLC lifted its stake in shares of Acadia Realty Trust by 361.4% during the 4th quarter. Citadel Advisors LLC now owns 774,116 shares of the real estate investment trust’s stock worth $21,179,000 after purchasing an additional 606,346 shares during the last quarter. Phocas Financial Corp. purchased a new stake in shares of Acadia Realty Trust during the 4th quarter worth $9,714,000. Wells Fargo & Company MN lifted its stake in shares of Acadia Realty Trust by 58.2% during the 4th quarter. Wells Fargo & Company MN now owns 592,114 shares of the real estate investment trust’s stock worth $16,200,000 after purchasing an additional 217,851 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Acadia Realty Trust by 224.3% during the 4th quarter. Arizona State Retirement System now owns 140,687 shares of the real estate investment trust’s stock worth $3,849,000 after purchasing an additional 97,301 shares during the last quarter.
In related 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 transaction of $369,452.76. Following the transaction, the insider now directly owns 14,744 shares of the company’s stock, valued at approximately $372,433.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.15% of the company’s stock.
A number of equities research analysts recently weighed in on AKR shares. Zacks Investment Research upgraded Acadia Realty Trust from a “sell” rating to a “hold” rating in a research note on Friday, May 4th. Boenning Scattergood restated a “buy” rating on shares of Acadia Realty Trust in a research note on Friday, February 23rd. Citigroup decreased their price objective on Acadia Realty Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. Finally, ValuEngine cut Acadia Realty Trust from a “hold” rating to a “sell” rating in a research note on Thursday, April 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Acadia Realty Trust has an average rating of “Hold” and a consensus target price of $32.25.
Shares of Acadia Realty Trust opened at $23.72 on Thursday, Marketbeat Ratings reports. Acadia Realty Trust has a 1 year low of $23.58 and a 1 year high of $23.94. The stock has a market cap of $1.93 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 1.99 and a beta of 0.41. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.42.
Acadia Realty Trust (NYSE:AKR) last announced its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.04). Acadia Realty Trust had a net margin of 21.17% and a return on equity of 2.44%. The business had revenue of $63.12 million for the quarter, compared to analyst estimates of $47.54 million. During the same period in the prior year, the company earned $0.40 earnings per share. The company’s quarterly revenue was up 1.8% on a year-over-year basis. research analysts expect that Acadia Realty Trust will post 1.38 EPS for the current fiscal year.
Acadia Realty Trust declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 21st that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 29th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend is Thursday, June 28th. Acadia Realty Trust’s dividend payout ratio is currently 71.52%.
Acadia Realty Trust Profile
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core 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 urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.
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