Acadia Realty Trust (NYSE:AKR) Upgraded at Truist Financial

Truist Financial upgraded shares of Acadia Realty Trust (NYSE:AKR) from a hold rating to a buy rating in a research report released on Thursday morning, MarketBeat reports. The firm currently has $23.00 price objective on the real estate investment trust’s stock.

Acadia Realty Trust Price Performance

Shares of Acadia Realty Trust stock opened at $18.71 on Thursday. The firm has a market cap of $2.24 billion, a PE ratio of 103.92, a P/E/G ratio of 6.09 and a beta of 1.24. Acadia Realty Trust has a twelve month low of $16.14 and a twelve month high of $26.29. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $21.72 and a 200 day moving average price of $23.26.

Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.23. Acadia Realty Trust had a net margin of 5.74% and a return on equity of 0.88%. Sell-side analysts predict that Acadia Realty Trust will post 1.34 earnings per share for the current fiscal year.

Acadia Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.20 dividend. The ex-dividend date is Monday, March 31st. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.28%. Acadia Realty Trust’s payout ratio is currently 444.44%.

Insider Buying and Selling at Acadia Realty Trust

In related news, EVP Jason Blacksberg sold 30,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $22.81, for a total transaction of $684,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position in Acadia Realty Trust by 21.3% during the fourth quarter. FMR LLC now owns 11,620,757 shares of the real estate investment trust’s stock worth $280,757,000 after buying an additional 2,041,986 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Acadia Realty Trust in the 4th quarter worth $38,508,000. Vanguard Group Inc. raised its holdings in shares of Acadia Realty Trust by 8.8% during the 4th quarter. Vanguard Group Inc. now owns 18,097,268 shares of the real estate investment trust’s stock worth $437,230,000 after acquiring an additional 1,459,448 shares during the period. Deprince Race & Zollo Inc. acquired a new position in shares of Acadia Realty Trust during the 4th quarter valued at about $33,107,000. Finally, Northern Trust Corp increased its position in Acadia Realty Trust by 73.1% during the fourth quarter. Northern Trust Corp now owns 1,972,104 shares of the real estate investment trust’s stock worth $47,646,000 after purchasing an additional 832,794 shares during the last quarter. 97.65% of the stock is currently owned by institutional investors and hedge funds.

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.