Acadia Realty Trust (NYSE:AKR) PT Set at $35.00 by Boenning Scattergood
Boenning Scattergood set a $35.00 price objective on Acadia Realty Trust (NYSE:AKR) in a research report sent to investors on Thursday morning. The brokerage currently has a buy rating on the real estate investment trust’s stock. Boenning Scattergood also issued estimates for Acadia Realty Trust’s FY2017 earnings at $1.48 EPS, Q1 2018 earnings at $0.48 EPS, Q3 2018 earnings at $0.36 EPS and Q4 2018 earnings at $0.31 EPS.
“We believe that AKR’s growth profile is unique in the strip sector as the company’s significant Chicago street retail exposure flies below the radar yet has largely avoided the pitfalls of Manhattan’s Fifth Avenue, a market in which the company has zero exposure. On the earnings call, management indicated confidence in delivering medium-term average 4% SS NOI growth by sustaining contractual rent growth and keeping up with strong releasing spreads in key locations in New York, Washington D.C., and Chicago.”,” the firm’s analyst wrote.
AKR has been the subject of several other research reports. Zacks Investment Research downgraded Acadia Realty Trust from a hold rating to a sell rating in a research report on Wednesday, July 12th. BMO Capital Markets reiterated a buy rating and issued a $36.00 price objective on shares of Acadia Realty Trust in a research report on Wednesday, June 21st. BidaskClub upgraded Acadia Realty Trust from a strong sell rating to a sell rating in a research report on Wednesday, June 14th. TheStreet downgraded Acadia Realty Trust from a b- rating to a c rating in a research report on Monday, April 24th. Finally, Citigroup Inc. restated a neutral rating and set a $30.00 target price (down previously from $35.00) on shares of Acadia Realty Trust in a report on Tuesday, June 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $34.60.
Shares of Acadia Realty Trust (AKR) opened at 29.79 on Thursday. The firm’s 50-day moving average is $28.21 and its 200-day moving average is $29.78. The firm has a market cap of $2.49 billion, a P/E ratio of 45.83 and a beta of 0.58. Acadia Realty Trust has a 52-week low of $26.70 and a 52-week high of $37.98.
Acadia Realty Trust (NYSE:AKR) last announced its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.29. Acadia Realty Trust had a return on equity of 2.50% and a net margin of 23.63%. The firm had revenue of $59.50 million during the quarter, compared to the consensus estimate of $53.72 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The business’s revenue was up 35.2% on a year-over-year basis. Analysts anticipate that Acadia Realty Trust will post $0.40 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.26 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.49%. Acadia Realty Trust’s dividend payout ratio is presently 162.50%.
Several institutional investors have recently made changes to their positions in the stock. Daiwa Securities Group Inc. raised its position in shares of 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 worth $203,000 after buying an additional 2,000 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Acadia Realty Trust by 24.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 6,567 shares of the real estate investment trust’s stock worth $213,000 after buying an additional 1,305 shares during the period. Princeton Alpha Management LP acquired a new position in shares of Acadia Realty Trust during the first quarter worth about $225,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Acadia Realty Trust during the first quarter worth about $327,000. Finally, Jane Street Group LLC acquired a new position in shares of Acadia Realty Trust during the first quarter worth about $344,000.
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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