Acadia Realty Trust (NYSE:AKR) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Thursday, Zacks.com reports. The firm presently has a $24.00 price objective on the real estate investment trust's stock. Zacks Investment Research's price target points to a potential upside of 14.89% from the stock's current price.
According to Zacks, "Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. "
A number of other equities research analysts have also commented on AKR. Truist Securities raised shares of Acadia Realty Trust from a "hold" rating to a "buy" rating and upped their price objective for the company from $20.00 to $25.00 in a research note on Thursday, June 24th. Truist upgraded shares of Acadia Realty Trust from a "hold" rating to a "buy" rating and upped their price objective for the stock from $20.00 to $25.00 in a report on Thursday, June 24th. They noted that the move was a valuation call. TheStreet upgraded shares of Acadia Realty Trust from a "d" rating to a "c-" rating in a research note on Friday, April 30th. Finally, KeyCorp upped their target price on shares of Acadia Realty Trust from $20.00 to $25.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 8th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Acadia Realty Trust presently has an average rating of "Buy" and a consensus target price of $19.22.
Shares of NYSE:AKR traded down $0.79 during trading on Thursday, reaching $20.89. The stock had a trading volume of 8,472 shares, compared to its average volume of 695,102. The business's fifty day moving average is $21.72. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. Acadia Realty Trust has a 52 week low of $9.10 and a 52 week high of $22.97. The stock has a market capitalization of $1.80 billion, a PE ratio of 348.17, a price-to-earnings-growth ratio of 3.46 and a beta of 1.49.
Acadia Realty Trust (NYSE:AKR) last posted its quarterly earnings data on Tuesday, April 27th. The real estate investment trust reported $0.06 EPS for the quarter, beating the Zacks' consensus estimate of ($0.12) by $0.18. Acadia Realty Trust had a net margin of 1.80% and a return on equity of 0.22%. As a group, research analysts predict that Acadia Realty Trust will post 1.09 earnings per share for the current year.
In related news, VP Jason Blacksberg sold 3,000 shares of the stock in a transaction dated Tuesday, June 1st. The shares were sold at an average price of $22.13, for a total transaction of $66,390.00. Following the completion of the transaction, the vice president now owns 3,000 shares in the company, valued at $66,390. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.68% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of AKR. Centersquare Investment Management LLC purchased a new stake in Acadia Realty Trust in the first quarter valued at approximately $65,989,000. Prudential Financial Inc. raised its stake in Acadia Realty Trust by 1,081.4% in the first quarter. Prudential Financial Inc. now owns 1,584,677 shares of the real estate investment trust's stock valued at $30,061,000 after purchasing an additional 1,450,539 shares in the last quarter. Norges Bank purchased a new stake in Acadia Realty Trust in the fourth quarter valued at approximately $15,855,000. Price T Rowe Associates Inc. MD raised its stake in Acadia Realty Trust by 11.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,917,649 shares of the real estate investment trust's stock valued at $98,161,000 after purchasing an additional 709,035 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Acadia Realty Trust in the first quarter valued at approximately $7,608,000.
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 Â- Core Portfolio and Fund Â- 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.
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