Prudential Financial Inc. Trims Stake in Acadia Realty Trust (AKR)
Prudential Financial Inc. cut its stake in shares of Acadia Realty Trust (NYSE:AKR) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,856 shares of the real estate investment trust’s stock after selling 2,620 shares during the quarter. Prudential Financial Inc. owned 0.17% of Acadia Realty Trust worth $3,999,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in AKR. BlackRock Inc. boosted its stake in shares of Acadia Realty Trust by 9,971.2% during the 1st quarter. BlackRock Inc. now owns 12,171,692 shares of the real estate investment trust’s stock worth $365,879,000 after acquiring an additional 12,050,835 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Acadia Realty Trust by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,251,912 shares of the real estate investment trust’s stock worth $398,353,000 after acquiring an additional 455,193 shares in the last quarter. State Street Corp boosted its stake in shares of Acadia Realty Trust by 7.4% during the 1st quarter. State Street Corp now owns 3,152,708 shares of the real estate investment trust’s stock worth $94,765,000 after acquiring an additional 216,710 shares in the last quarter. State of Wisconsin Investment Board bought a new stake in shares of Acadia Realty Trust during the 2nd quarter worth $5,115,000. Finally, Ranger Global Real Estate Advisors LLC bought a new stake in shares of Acadia Realty Trust during the 1st quarter worth $5,058,000.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised 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 objective on Acadia Realty Trust and gave the stock a “buy” rating in a research note on Thursday, July 27th. BidaskClub raised Acadia Realty Trust from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. KeyCorp reduced their price objective on Acadia Realty Trust from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, June 28th. Finally, BMO Capital Markets reissued a “buy” rating and set a $36.00 price objective on shares of Acadia Realty Trust in a research note on Wednesday, June 21st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Acadia Realty Trust presently has an average rating of “Buy” and an average price target of $34.60.
Shares of Acadia Realty Trust (NYSE:AKR) opened at 28.64 on Friday. Acadia Realty Trust has a 12 month low of $26.70 and a 12 month high of $37.54. The firm has a market cap of $2.40 billion, a PE ratio of 44.33 and a beta of 0.59. The stock has a 50 day moving average price of $29.21 and a 200 day moving average price of $29.03.
Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.29. Acadia Realty Trust had a net margin of 23.63% and a return on equity of 2.50%. The business had revenue of $59.50 million during the quarter, compared to analysts’ expectations of $53.72 million. During the same quarter in the prior year, the company earned $0.37 EPS. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. On average, equities research analysts expect that Acadia Realty Trust will post $0.43 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, September 28th. Acadia Realty Trust’s dividend payout ratio is currently 162.50%.
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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