Acadia Realty Trust (NYSE:AKR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase raised its price target on Acadia Realty Trust from $21.00 to $22.00 and kept a "neutral" rating, implying roughly a 12.24% upside from the current share price.
• AKR missed quarterly EPS (reported $0.04 vs. $0.32 expected) despite revenue rising 12.3% to $104.77 million; the stock fell about 3.3% to $19.60 and trades below the average analyst target of $22.25.
• Institutional ownership is very high at about 97.65%, with large new stakes disclosed by firms including Massachusetts Financial Services and Wellington Management, signaling strong institutional interest.

Acadia Realty Trust (NYSE:AKR - Get Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $21.00 to $22.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 12.24% from the company's current price.

AKR has been the subject of a number of other research reports. Citigroup upped their price objective on Acadia Realty Trust from $23.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, February 18th. Wall Street Zen lowered shares of Acadia Realty Trust from a "hold" rating to a "sell" rating in a research note on Saturday, February 21st. Truist Financial decreased their price objective on shares of Acadia Realty Trust from $23.00 to $22.00 and set a "buy" rating for the company in a report on Friday, November 28th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Acadia Realty Trust in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $22.25.

Acadia Realty Trust Trading Down 3.3%

Shares of AKR traded down $0.66 on Friday, reaching $19.60. 489,440 shares of the company's stock were exchanged, compared to its average volume of 1,279,593. The business has a 50 day moving average price of $20.57 and a two-hundred day moving average price of $20.21. Acadia Realty Trust has a 12 month low of $16.98 and a 12 month high of $22.36. The stock has a market capitalization of $2.57 billion, a P/E ratio of 217.92, a price-to-earnings-growth ratio of 2.01 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.

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

Institutional Trading of Acadia Realty Trust

A number of institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA bought a new stake in Acadia Realty Trust during the 3rd quarter worth about $64,526,000. Wellington Management Group LLP acquired a new stake in Acadia Realty Trust during the fourth quarter worth approximately $42,330,000. Engineers Gate Manager LP bought a new stake in Acadia Realty Trust in the 2nd quarter valued at $29,771,000. SG Americas Securities LLC grew its stake in shares of Acadia Realty Trust by 15,825.5% in the fourth quarter. SG Americas Securities LLC now owns 1,254,292 shares of the real estate investment trust's stock valued at $25,763,000 after acquiring an additional 1,246,416 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its position in shares of Acadia Realty Trust by 55.8% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,909,671 shares of the real estate investment trust's stock worth $58,630,000 after purchasing an additional 1,042,228 shares in the last quarter. 97.65% of the stock is currently 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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