Rhumbline Advisers Raises Stake in Acadia Realty Trust (NYSE:AKR)

Rhumbline Advisers increased its stake in shares of Acadia Realty Trust (NYSE:AKR) by 2.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 345,377 shares of the real estate investment trust’s stock after buying an additional 8,596 shares during the period. Rhumbline Advisers owned about 0.33% of Acadia Realty Trust worth $6,189,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Acadia Realty Trust by 7.7% in the first quarter. Vanguard Group Inc. now owns 16,682,822 shares of the real estate investment trust’s stock worth $283,775,000 after buying an additional 1,192,138 shares in the last quarter. Cohen & Steers Inc. boosted its stake in Acadia Realty Trust by 5.2% during the fourth quarter. Cohen & Steers Inc. now owns 15,790,037 shares of the real estate investment trust’s stock valued at $268,273,000 after buying an additional 776,121 shares during the period. Price T Rowe Associates Inc. MD grew its position in Acadia Realty Trust by 4.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,848,246 shares of the real estate investment trust’s stock worth $150,511,000 after buying an additional 388,067 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Acadia Realty Trust by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,682,989 shares of the real estate investment trust’s stock worth $28,594,000 after acquiring an additional 54,996 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Acadia Realty Trust by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,361,088 shares of the real estate investment trust’s stock valued at $23,126,000 after acquiring an additional 16,812 shares during the last quarter. Institutional investors own 97.65% of the company’s stock.

Wall Street Analysts Forecast Growth

AKR has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Acadia Realty Trust from an “underweight” rating to a “neutral” rating and set a $18.00 target price for the company in a research report on Wednesday, June 26th. StockNews.com upgraded Acadia Realty Trust from a “sell” rating to a “hold” rating in a research report on Thursday. Truist Financial increased their price objective on Acadia Realty Trust from $18.00 to $23.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Compass Point boosted their target price on Acadia Realty Trust from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.80.

Acadia Realty Trust Stock Performance

Shares of AKR stock opened at $22.97 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.08 and a current ratio of 1.08. Acadia Realty Trust has a fifty-two week low of $13.24 and a fifty-two week high of $23.29. The stock has a 50 day moving average price of $21.23 and a two-hundred day moving average price of $18.48. The company has a market capitalization of $2.42 billion, a P/E ratio of 287.13, a PEG ratio of 5.85 and a beta of 1.47.

Acadia Realty Trust (NYSE:AKR) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.30). The company had revenue of $87.25 million for the quarter, compared to the consensus estimate of $70.16 million. Acadia Realty Trust had a net margin of 0.20% and a return on equity of 0.03%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 EPS. Analysts expect that Acadia Realty Trust will post 1.29 earnings per share for the current year.

Acadia Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.31%. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, September 30th. Acadia Realty Trust’s payout ratio is 900.00%.

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.