Acadia Realty Trust (NYSE:AKR) Announces Quarterly Earnings Results

Acadia Realty Trust (NYSE:AKR) released its quarterly earnings results on Monday. The real estate investment trust reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.27), Yahoo Finance reports. The company had revenue of $91.36 million during the quarter, compared to the consensus estimate of $69.75 million. Acadia Realty Trust had a net margin of 5.72% and a return on equity of 0.91%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. Acadia Realty Trust updated its FY24 guidance to $1.24-1.32 EPS and its FY 2024 guidance to 1.240-1.320 EPS.

Acadia Realty Trust Stock Performance

NYSE:AKR opened at $17.61 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.90. Acadia Realty Trust has a twelve month low of $12.37 and a twelve month high of $17.73. The company has a fifty day moving average of $16.73 and a 200-day moving average of $16.23. The firm has a market capitalization of $1.81 billion, a P/E ratio of 92.66, a P/E/G ratio of 11.56 and a beta of 1.44.

Acadia Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend was Wednesday, March 27th. Acadia Realty Trust’s payout ratio is 378.97%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial downgraded shares of Acadia Realty Trust from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Tuesday, January 16th. Jefferies Financial Group upgraded shares of Acadia Realty Trust from a “hold” rating to a “buy” rating and increased their price objective for the stock from $15.00 to $20.00 in a research report on Tuesday, January 2nd. Finally, Bank of America upgraded shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and boosted their target price for the company from $18.00 to $20.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Acadia Realty Trust currently has an average rating of “Hold” and an average target price of $18.50.

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.