Acadia Realty Trust (NYSE:AKR) Issues Quarterly Earnings Results, Misses Expectations By $0.27 EPS

Acadia Realty Trust (NYSE:AKR - Get Free Report) issued its quarterly earnings data on Monday. The real estate investment trust reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.27), Yahoo Finance reports. The business had revenue of $91.36 million for the quarter, compared to analyst estimates of $69.75 million. Acadia Realty Trust had a return on equity of 0.91% and a net margin of 5.72%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 earnings per share. Acadia Realty Trust updated its FY24 guidance to $1.24-1.32 EPS and its FY 2024 guidance to 1.240-1.320 EPS.

Acadia Realty Trust Stock Performance

NYSE AKR traded down $0.32 on Tuesday, reaching $17.28. The stock had a trading volume of 1,489,665 shares, compared to its average volume of 1,191,513. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.87 and a current ratio of 0.87. Acadia Realty Trust has a 12-month low of $12.37 and a 12-month high of $17.90. The business's 50-day moving average price is $16.73 and its 200 day moving average price is $16.23. The stock has a market cap of $1.78 billion, a P/E ratio of 90.95, a price-to-earnings-growth ratio of 11.56 and a beta of 1.44.

Acadia Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend was Wednesday, March 27th. Acadia Realty Trust's dividend payout ratio is currently 378.97%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Jefferies Financial Group raised Acadia Realty Trust from a "hold" rating to a "buy" rating and lifted their target price for the company from $15.00 to $20.00 in a research report on Tuesday, January 2nd. Truist Financial downgraded Acadia Realty Trust from a "buy" rating to a "hold" rating and set a $18.00 target price for the company. in a research report on Tuesday, January 16th. Finally, Bank of America raised Acadia Realty Trust from a "neutral" rating to a "buy" rating and lifted their target price for the company from $18.00 to $20.00 in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $18.50.

About Acadia Realty Trust

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.