Acadia Realty Trust (NYSE:AKR) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Acadia Realty Trust from a "strong sell" to a "hold", and the analyst consensus on the stock is a Hold with a consensus target price of $22.25.
• Acadia missed Q4 EPS at $0.04 versus $0.32 expected, but revenue beat at $104.77 million (up 12.3% YoY), and analysts forecast ~1.34 EPS for the current year.
• The stock was trading around $19.19 (below the consensus target), has a market cap of about $2.51 billion, a high P/E of ~213, and heavy institutional ownership (~97.65%).

Acadia Realty Trust (NYSE:AKR - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Citigroup upped their price objective on shares of Acadia Realty Trust from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Wednesday, February 18th. Wall Street Zen downgraded Acadia Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, February 21st. JPMorgan Chase & Co. lifted their price objective on Acadia Realty Trust from $21.00 to $22.00 and gave the stock a "neutral" rating in a report on Friday, March 20th. Weiss Ratings reiterated a "hold (c)" rating on shares of Acadia Realty Trust in a research note on Wednesday, January 21st. Finally, Truist Financial dropped their price target on shares of Acadia Realty Trust from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, November 28th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Acadia Realty Trust currently has a consensus rating of "Hold" and a consensus target price of $22.25.

Acadia Realty Trust Trading Down 1.2%

Shares of AKR opened at $19.19 on Monday. Acadia Realty Trust has a twelve month low of $16.98 and a twelve month high of $22.36. The firm has a market capitalization of $2.51 billion, a P/E ratio of 213.19, a price-to-earnings-growth ratio of 1.94 and a beta of 1.09. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71. The stock's fifty day simple moving average is $20.47 and its 200 day simple moving average is $20.20.

Acadia Realty Trust (NYSE:AKR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.28). The firm had revenue of $104.77 million for the quarter, compared to analysts' expectations of $92.19 million. Acadia Realty Trust had a net margin of 3.22% and a return on equity of 0.49%. Acadia Realty Trust's revenue was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.32 EPS. On average, equities research analysts forecast that Acadia Realty Trust will post 1.34 earnings per share for the current year.

Hedge Funds Weigh In On Acadia Realty Trust

Several institutional investors have recently made changes to their positions in AKR. Oregon Public Employees Retirement Fund lifted its holdings in shares of Acadia Realty Trust by 1.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 30,012 shares of the real estate investment trust's stock worth $616,000 after purchasing an additional 500 shares during the last quarter. State of Wyoming grew its stake in Acadia Realty Trust by 10.8% during the 2nd quarter. State of Wyoming now owns 5,581 shares of the real estate investment trust's stock worth $104,000 after buying an additional 543 shares during the last quarter. Osaic Holdings Inc. grew its stake in Acadia Realty Trust by 32.8% during the 2nd quarter. Osaic Holdings Inc. now owns 2,213 shares of the real estate investment trust's stock worth $41,000 after buying an additional 547 shares during the last quarter. Maryland State Retirement & Pension System lifted its stake in Acadia Realty Trust by 2.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 19,389 shares of the real estate investment trust's stock valued at $398,000 after buying an additional 554 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Acadia Realty Trust by 1.8% during the fourth quarter. Captrust Financial Advisors now owns 34,520 shares of the real estate investment trust's stock valued at $709,000 after acquiring an additional 624 shares during the period. 97.65% of the stock is owned by institutional investors.

About Acadia Realty Trust

Acadia Realty Trust NYSE: AKR is a Maryland real estate investment trust (REIT) that focuses on the acquisition, development, ownership and operation of grocery-anchored and necessity-based shopping centers. The company targets retail properties that serve densely populated urban and suburban markets and typically feature essential tenants such as supermarkets, drugstores, fitness centers and other service-oriented retailers. As a self-managed REIT, Acadia oversees leasing, property management, financing and construction activities through its in-house platform.

Acadia's portfolio is diversified across property types and lease structures, with an emphasis on sites that benefit from long-term consumer traffic and resilient tenancy.

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