JPMorgan Chase & Co. Sells 64,105 Shares of Acadia Realty Trust $AKR

Key Points

• JPMorgan Chase reduced its stake in Acadia Realty Trust by 7.6% in Q3, selling 64,105 shares and holding 780,445 shares valued at about $15.7 million, while institutional investors own 97.65% of the stock.
• Acadia reported a quarterly EPS miss of $0.04 versus a $0.32 consensus but beat revenue at $104.8 million (up 12.3% YoY), and analysts have a consensus Hold rating with a $22.25 average target price.
• The company declared a quarterly dividend of $0.20 (annualized $0.80, ~4.2% yield), but the reported payout ratio is an unusually high 888.89%, suggesting dividend sustainability concerns.

JPMorgan Chase & Co. cut its holdings in Acadia Realty Trust (NYSE:AKR - Free Report) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 780,445 shares of the real estate investment trust's stock after selling 64,105 shares during the period. JPMorgan Chase & Co. owned 0.60% of Acadia Realty Trust worth $15,726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State of Wyoming raised its position in shares of Acadia Realty Trust by 10.8% during the second quarter. State of Wyoming now owns 5,581 shares of the real estate investment trust's stock valued at $104,000 after buying an additional 543 shares during the last quarter. Osaic Holdings Inc. boosted its position in shares of Acadia Realty Trust by 32.8% during the second quarter. Osaic Holdings Inc. now owns 2,213 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 547 shares during the last quarter. Amalgamated Bank boosted its position in shares of Acadia Realty Trust by 1.9% during the third quarter. Amalgamated Bank now owns 37,530 shares of the real estate investment trust's stock worth $756,000 after acquiring an additional 697 shares during the last quarter. New York State Teachers Retirement System grew its stake in Acadia Realty Trust by 0.4% during the third quarter. New York State Teachers Retirement System now owns 173,200 shares of the real estate investment trust's stock valued at $3,490,000 after acquiring an additional 729 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Acadia Realty Trust by 0.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 256,218 shares of the real estate investment trust's stock valued at $5,163,000 after acquiring an additional 1,009 shares during the last quarter. 97.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Acadia Realty Trust from a "hold" rating to a "sell" rating in a report on Saturday, February 21st. Truist Financial reduced their target price on Acadia Realty Trust from $23.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, November 28th. JPMorgan Chase & Co. boosted their target price on Acadia Realty Trust from $21.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, March 20th. Zacks Research raised Acadia Realty Trust from a "strong sell" rating to a "hold" rating in a research note on Monday. Finally, Citigroup raised their price target on Acadia Realty Trust from $23.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $22.25.

Acadia Realty Trust Price Performance

AKR stock opened at $19.15 on Friday. Acadia Realty Trust has a 52 week low of $16.98 and a 52 week high of $22.36. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $20.40 and a two-hundred day simple moving average of $20.19. The firm has a market capitalization of $2.51 billion, a P/E ratio of 212.85, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09.

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

Acadia Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Acadia Realty Trust's payout ratio is presently 888.89%.

Acadia Realty Trust Profile

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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