Acadia Realty Trust (NYSE:AKR) Hits New 1-Year High – Still a Buy?

Acadia Realty Trust (NYSE:AKR)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $24.73 and last traded at $24.70, with a volume of 206069 shares. The stock had previously closed at $24.45.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AKR shares. JPMorgan Chase & Co. raised shares of Acadia Realty Trust from an “underweight” rating to a “neutral” rating and set a $18.00 price target on the stock in a report on Wednesday, June 26th. Truist Financial increased their price target on shares of Acadia Realty Trust from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. StockNews.com lowered shares of Acadia Realty Trust from a “hold” rating to a “sell” rating in a report on Monday. Finally, Compass Point raised shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and increased their price target for the stock from $23.00 to $27.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.60.

Acadia Realty Trust Stock Performance

The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.76. The company’s fifty day moving average is $22.66 and its 200 day moving average is $19.58. The company has a market cap of $2.55 billion, a P/E ratio of 308.13, a price-to-earnings-growth ratio of 6.04 and a beta of 1.47.

Acadia Realty Trust (NYSE:AKR) last released 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). Acadia Realty Trust had a net margin of 0.20% and a return on equity of 0.03%. The business had revenue of $87.25 million for the quarter, compared to the consensus estimate of $70.16 million. During the same period in the prior year, the business posted $0.36 EPS. Acadia Realty Trust’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, equities analysts predict that Acadia Realty Trust will post 1.29 earnings per share for the current fiscal year.

Acadia Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.19 per share. The ex-dividend date was Monday, September 30th. This represents a $0.76 annualized dividend and a yield of 3.08%. This is a boost from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s dividend payout ratio is presently 950.00%.

Institutional Investors Weigh In On Acadia Realty Trust

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Acadia Realty Trust in the 1st quarter worth about $58,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Acadia Realty Trust by 3.0% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 115,520 shares of the real estate investment trust’s stock worth $1,965,000 after purchasing an additional 3,387 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Acadia Realty Trust by 7.0% in the 1st quarter. State of Alaska Department of Revenue now owns 109,813 shares of the real estate investment trust’s stock worth $1,866,000 after purchasing an additional 7,228 shares during the period. Maryland State Retirement & Pension System lifted its position in shares of Acadia Realty Trust by 6.4% in the 1st quarter. Maryland State Retirement & Pension System now owns 36,854 shares of the real estate investment trust’s stock worth $615,000 after purchasing an additional 2,203 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Acadia Realty Trust by 16.9% in the 1st quarter. Principal Financial Group Inc. now owns 580,469 shares of the real estate investment trust’s stock worth $9,874,000 after purchasing an additional 83,794 shares during the period. Hedge funds and other institutional investors own 97.65% of the company’s stock.

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.