Wolverine Asset Management LLC Purchases 119,065 Shares of Acadia Realty Trust (NYSE:AKR)

Key Points

• Wolverine Asset Management LLC significantly increased its stake in Acadia Realty Trust by 7,493.1%, owning over 120,000 shares valued at approximately $2.5 million.
• Vanguard Group and other institutional investors also raised their investments, indicating strong institutional interest, with institutional ownership at 97.65%.
• Despite a revenue increase, Acadia Realty Trust reported lower-than-expected earnings per share, prompting Wall Street analysts to downgrade the stock from "hold" to "sell."

Wolverine Asset Management LLC boosted its holdings in Acadia Realty Trust (NYSE:AKR - Free Report) by 7,493.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,654 shares of the real estate investment trust's stock after purchasing an additional 119,065 shares during the quarter. Wolverine Asset Management LLC owned approximately 0.09% of Acadia Realty Trust worth $2,528,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in AKR. FMR LLC lifted its stake in Acadia Realty Trust by 21.3% in 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 buying an additional 2,041,986 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Acadia Realty Trust in the first quarter worth about $36,166,000. Balyasny Asset Management L.P. bought a new stake in Acadia Realty Trust in the fourth quarter worth about $38,508,000. Deprince Race & Zollo Inc. acquired a new stake in Acadia Realty Trust during the 4th quarter worth about $33,107,000. Finally, Northern Trust Corp raised its holdings in Acadia Realty Trust by 73.1% during the 4th quarter. Northern Trust Corp now owns 1,972,104 shares of the real estate investment trust's stock worth $47,646,000 after buying an additional 832,794 shares during the period. 97.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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 Up 3.0%

NYSE:AKR traded up $0.55 on Tuesday, hitting $18.94. 1,235,153 shares of the company's stock traded hands, compared to its average volume of 1,257,607. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.67. Acadia Realty Trust has a 1 year low of $16.98 and a 1 year high of $26.29. The firm has a 50-day moving average price of $18.87 and a 200-day moving average price of $20.25. The company has a market cap 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 (NYSE:AKR - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). Acadia Realty Trust had a net margin of 5.31% and a return on equity of 0.79%. The business had revenue of $98.30 million for the quarter, compared to analysts' expectations of $81.89 million. During the same period last year, the firm earned $0.31 EPS. The company's revenue was up 15.3% compared to the same quarter last year. Equities analysts anticipate that Acadia Realty Trust will post 1.34 EPS for the current fiscal year.

Acadia Realty Trust Dividend Announcement

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