Zacks Investment Research Downgrades Acadia Realty Trust (AKR) to Sell

Zacks Investment Research downgraded shares of Acadia Realty Trust (NYSE:AKR) from a hold rating to a sell rating in a research report report published on Friday.

According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “

AKR has been the subject of several other research reports. Bank of America increased their target price on shares of Acadia Realty Trust from $30.00 to $32.00 and gave the stock a buy rating in a research note on Monday, September 17th. ValuEngine raised shares of Acadia Realty Trust from a sell rating to a hold rating in a research note on Saturday, August 18th. Finally, Citigroup increased their target price on shares of Acadia Realty Trust from $27.00 to $29.00 and gave the stock a neutral rating in a research note on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $31.33.

AKR stock traded down $0.40 during mid-day trading on Friday, hitting $28.52. 371,452 shares of the company were exchanged, compared to its average volume of 404,091. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $2.36 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 2.49 and a beta of 0.28. Acadia Realty Trust has a 12-month low of $21.34 and a 12-month high of $29.28.

Acadia Realty Trust (NYSE:AKR) last announced its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.01. The company had revenue of $51.60 million during the quarter, compared to analyst estimates of $51.66 million. Acadia Realty Trust had a net margin of 17.43% and a return on equity of 2.09%. Acadia Realty Trust’s revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.37 earnings per share. Sell-side analysts anticipate that Acadia Realty Trust will post 1.38 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $0.28 dividend. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.93%. Acadia Realty Trust’s dividend payout ratio (DPR) is presently 71.52%.

In other news, Director Wendy W. Luscombe sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $28.00, for a total value of $126,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders sold 5,475 shares of company stock valued at $153,760. Insiders own 2.15% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AKR. BlackRock Inc. boosted its stake in shares of Acadia Realty Trust by 3.3% in the second quarter. BlackRock Inc. now owns 13,685,948 shares of the real estate investment trust’s stock valued at $374,585,000 after purchasing an additional 432,691 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Acadia Realty Trust by 787.1% in the second quarter. Russell Investments Group Ltd. now owns 485,904 shares of the real estate investment trust’s stock valued at $13,317,000 after purchasing an additional 431,132 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Acadia Realty Trust by 36.6% in the third quarter. Wells Fargo & Company MN now owns 1,025,148 shares of the real estate investment trust’s stock valued at $28,735,000 after purchasing an additional 274,914 shares during the period. Deutsche Bank AG boosted its stake in shares of Acadia Realty Trust by 10.0% in the third quarter. Deutsche Bank AG now owns 2,700,196 shares of the real estate investment trust’s stock valued at $75,683,000 after purchasing an additional 244,834 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Acadia Realty Trust by 35,882.0% in the second quarter. Sei Investments Co. now owns 240,000 shares of the real estate investment trust’s stock valued at $6,568,000 after purchasing an additional 239,333 shares during the period.

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 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.

Featured Article: What are the benefits of a balanced fund?

Get a free copy of the Zacks research report on Acadia Realty Trust (AKR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Acadia Realty Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acadia Realty Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply