Acadia Realty Trust (NYSE:AKR) Upgraded by Zacks Investment Research to “Hold”

Acadia Realty Trust (NYSE:AKR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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. “

A number of other equities research analysts have also recently commented on AKR. Citigroup set a $30.00 price objective on Acadia Realty Trust and gave the company a “hold” rating in a research note on Monday, May 20th. ValuEngine cut Acadia Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th.

Acadia Realty Trust stock traded down $0.43 during mid-day trading on Wednesday, reaching $27.42. The stock had a trading volume of 22,061 shares, compared to its average volume of 459,361. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.53 and a quick ratio of 0.53. Acadia Realty Trust has a fifty-two week low of $23.11 and a fifty-two week high of $29.82. The company has a 50-day simple moving average of $27.56. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 3.53 and a beta of 0.68.

Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings data on Monday, July 22nd. The real estate investment trust reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.06. Acadia Realty Trust had a return on equity of 1.78% and a net margin of 13.32%. The firm had revenue of $71.10 million during the quarter, compared to analysts’ expectations of $57.31 million. During the same quarter last year, the firm posted $0.09 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, equities research analysts expect that Acadia Realty Trust will post 1.42 earnings per share for the current year.

In related news, CFO John J. Gottfried sold 30,000 shares of Acadia Realty Trust stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $27.78, for a total transaction of $833,400.00. Following the transaction, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $833,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christopher Conlon sold 20,000 shares of Acadia Realty Trust stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $27.83, for a total value of $556,600.00. Following the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $278,300. The disclosure for this sale can be found here. 2.47% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Acadia Realty Trust by 3.7% during the second quarter. BlackRock Inc. now owns 14,851,300 shares of the real estate investment trust’s stock worth $406,481,000 after acquiring an additional 526,727 shares during the period. Cohen & Steers Inc. bought a new stake in Acadia Realty Trust during the second quarter worth $81,150,000. Northern Trust Corp lifted its holdings in Acadia Realty Trust by 2.1% during the second quarter. Northern Trust Corp now owns 2,026,930 shares of the real estate investment trust’s stock worth $55,477,000 after acquiring an additional 41,619 shares during the period. Heitman Real Estate Securities LLC lifted its holdings in Acadia Realty Trust by 8.2% during the second quarter. Heitman Real Estate Securities LLC now owns 1,568,834 shares of the real estate investment trust’s stock worth $42,939,000 after acquiring an additional 119,060 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Acadia Realty Trust by 18.1% during the second quarter. Wells Fargo & Company MN now owns 1,294,568 shares of the real estate investment trust’s stock worth $35,432,000 after acquiring an additional 198,614 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.

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