Citigroup Has Lowered Expectations for Acadia Realty Trust (NYSE:AKR) Stock Price

Key Points

• Citigroup cut its Acadia Realty Trust price target to $24 from $26 but maintained a Buy rating; the new target implies about 20.1% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports a Moderate Buy consensus and an average price target of $23.40.
• Acadia reported a quarterly loss of $0.03 per share, missing the $0.31 consensus estimate, while revenue of $94.98 million slightly topped expectations and fell 6% year over year.

Acadia Realty Trust (NYSE:AKR - Get Free Report) had its price objective cut by investment analysts at Citigroup from $26.00 to $24.00 in a report released on Monday, Benzinga reports. The firm currently has a "buy" rating on the real estate investment trust's stock. Citigroup's price target would suggest a potential upside of 20.10% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp reiterated an "overweight" rating on shares of Acadia Realty Trust in a research report on Wednesday, September 23rd. Truist Financial assumed coverage on Acadia Realty Trust in a research report on Thursday, October 1st. They set a "buy" rating and a $22.00 price objective for the company. Weiss Ratings downgraded Acadia Realty Trust from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, November 3rd. Finally, Wall Street Zen downgraded Acadia Realty Trust from a "sell" rating to a "strong sell" rating in a research note on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $23.40.

Acadia Realty Trust Stock Up 0.9%

NYSE:AKR traded up $0.18 during trading hours on Monday, hitting $19.98. 335,131 shares of the company's stock traded hands, compared to its average volume of 1,343,080. The firm has a market cap of $2.76 billion, a P/E ratio of 71.29, a P/E/G ratio of 2.16 and a beta of 1.11. Acadia Realty Trust has a twelve month low of $17.96 and a twelve month high of $23.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.23 and a current ratio of 1.23. The stock's fifty day moving average price is $19.18 and its two-hundred day moving average price is $20.58.

Acadia Realty Trust (NYSE:AKR - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The real estate investment trust reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.34). Acadia Realty Trust had a return on equity of 1.54% and a net margin of 10.23%. The business had revenue of $94.98 million for the quarter, compared to analyst estimates of $94.38 million. During the same quarter in the previous year, the business posted $0.03 earnings per share. The company's revenue was down 6.0% compared to the same quarter last year. On average, research analysts expect that Acadia Realty Trust will post 1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Acadia Realty Trust

Several hedge funds have recently bought and sold shares of AKR. Salomon & Ludwin LLC boosted its holdings in shares of Acadia Realty Trust by 145.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 1,637 shares of the real estate investment trust's stock worth $31,000 after buying an additional 969 shares during the period. Nykredit A S acquired a new position in Acadia Realty Trust in the 2nd quarter valued at $47,000. AlTi Global Inc. bought a new position in Acadia Realty Trust in the 3rd quarter worth $56,000. Pinnacle Wealth Planning Services Inc. raised its holdings in Acadia Realty Trust by 49.0% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 4,032 shares of the real estate investment trust's stock worth $76,000 after acquiring an additional 1,326 shares during the period. Finally, Signaturefd LLC raised its holdings in Acadia Realty Trust by 367.4% in the 3rd quarter. Signaturefd LLC now owns 4,235 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 3,329 shares during the period. 97.65% of the stock is owned by institutional investors and hedge funds.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust that owns, operates and invests in retail properties. Its portfolio includes shopping centers and urban street-retail properties, with tenants spanning a range of retail and service businesses.

The company focuses on high-barrier-to-entry markets in the United States, including major metropolitan areas. It combines a portfolio of directly owned properties with investment funds through which it partners on additional real estate investments.

Acadia Realty Trust is headquartered in Rye, New York, and is led by President and Chief Executive Officer Kenneth F.

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