Acadia Realty Trust (AKR) Stake Reduced by NGAM Advisors L.P.
NGAM Advisors L.P. cut its stake in Acadia Realty Trust (NYSE:AKR) by 4.3% during the second quarter, Holdings Channel reports. The institutional investor owned 123,363 shares of the real estate investment trust’s stock after selling 5,493 shares during the period. NGAM Advisors L.P.’s holdings in Acadia Realty Trust were worth $3,430,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AKR. Daiwa Securities Group Inc. increased its position in Acadia Realty Trust by 42.2% in the first quarter. Daiwa Securities Group Inc. now owns 6,741 shares of the real estate investment trust’s stock valued at $203,000 after buying an additional 2,000 shares in the last quarter. Princeton Alpha Management LP bought a new position in Acadia Realty Trust during the first quarter valued at approximately $225,000. Dynamic Technology Lab Private Ltd bought a new position in Acadia Realty Trust during the first quarter valued at approximately $327,000. Jane Street Group LLC bought a new position in Acadia Realty Trust during the first quarter valued at approximately $344,000. Finally, Tudor Investment Corp ET AL increased its position in Acadia Realty Trust by 6.8% in the first quarter. Tudor Investment Corp ET AL now owns 12,218 shares of the real estate investment trust’s stock valued at $367,000 after buying an additional 778 shares in the last quarter.
Acadia Realty Trust (AKR) opened at 29.78 on Thursday. The firm’s 50-day moving average is $28.59 and its 200 day moving average is $29.64. The company has a market capitalization of $2.49 billion, a PE ratio of 46.10 and a beta of 0.59. Acadia Realty Trust has a one year low of $26.70 and a one year high of $37.54.
Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.29. The firm had revenue of $59.50 million during the quarter, compared to the consensus estimate of $53.72 million. Acadia Realty Trust had a return on equity of 2.50% and a net margin of 23.63%. The firm’s quarterly revenue was up 35.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 earnings per share. On average, equities analysts expect that Acadia Realty Trust will post $0.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.49%. Acadia Realty Trust’s payout ratio is currently 162.50%.
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Several research analysts recently commented on the stock. Zacks Investment Research raised shares of Acadia Realty Trust from a “strong sell” rating to a “hold” rating in a research note on Friday, July 28th. Boenning Scattergood set a $35.00 price target on shares of Acadia Realty Trust and gave the stock a “buy” rating in a research note on Thursday, July 27th. KeyCorp reduced their price target on shares of Acadia Realty Trust from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 28th. BidaskClub raised shares of Acadia Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $30.00 target price (down from $35.00) on shares of Acadia Realty Trust in a report on Tuesday, June 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $34.60.
About Acadia Realty Trust
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, development and management of retail properties located in the United States. It operates through three segments: Core Portfolio, Funds and Structured Financing. Core Portfolio and Fund properties primarily consist of street and urban retail, and dense suburban shopping centers.
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