Burkehill Global Management LP Lowers Holdings in Acadia Realty Trust (NYSE:AKR)

Key Points

• Burkehill Global Management LP has reduced its holdings in Acadia Realty Trust by 50%, now owning 100,000 shares valued at approximately $2.10 million following the sale of 100,000 shares in Q1.
• Acadia Realty Trust is now rated a "sell" by Wall Street Zen, down from a "hold" rating, highlighting a shift in analysts' sentiment.
• The company recently announced a quarterly dividend of $0.20 per share, resulting in a yield of 4.3% despite having a high payout ratio of 500%.

Burkehill Global Management LP lowered its holdings in Acadia Realty Trust (NYSE:AKR - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 100,000 shares of the real estate investment trust's stock after selling 100,000 shares during the quarter. Burkehill Global Management LP owned about 0.08% of Acadia Realty Trust worth $2,095,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AKR. American Century Companies Inc. bought a new stake in shares of Acadia Realty Trust during the fourth quarter valued at about $390,000. Geode Capital Management LLC boosted its stake in Acadia Realty Trust by 11.7% in the fourth quarter. Geode Capital Management LLC now owns 2,949,612 shares of the real estate investment trust's stock worth $71,278,000 after buying an additional 308,117 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Acadia Realty Trust by 39.5% during the fourth quarter. Wells Fargo & Company MN now owns 76,646 shares of the real estate investment trust's stock valued at $1,852,000 after purchasing an additional 21,688 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Acadia Realty Trust by 1,097.7% during the fourth quarter. Russell Investments Group Ltd. now owns 148,658 shares of the real estate investment trust's stock valued at $3,592,000 after purchasing an additional 136,246 shares during the period. Finally, FMR LLC boosted its stake in shares of Acadia Realty Trust by 21.3% during the fourth quarter. FMR LLC now owns 11,620,757 shares of the real estate investment trust's stock valued at $280,757,000 after purchasing an additional 2,041,986 shares during the period. Institutional investors and hedge funds own 97.65% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded Acadia Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd.

Acadia Realty Trust Stock Performance

AKR traded up $0.55 during midday trading on Tuesday, hitting $18.94. 1,235,153 shares of the company traded hands, compared to its average volume of 1,658,302. The company's 50-day moving average is $18.86 and its 200 day moving average is $20.24. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $2.48 billion, a PE ratio of 118.35, a price-to-earnings-growth ratio of 2.89 and a beta of 1.41. Acadia Realty Trust has a 52 week low of $16.98 and a 52 week high of $26.29.

Acadia Realty Trust (NYSE:AKR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.01). The company had revenue of $98.30 million for the quarter, compared to analysts' expectations of $81.89 million. Acadia Realty Trust had a net margin of 5.31% and a return on equity of 0.79%. The business's revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. On average, research analysts expect that Acadia Realty Trust will post 1.34 EPS for the current year.

Acadia Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Acadia Realty Trust's dividend payout ratio (DPR) is presently 500.00%.

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.