Acadia Realty Trust (NYSE:AKR) Releases Quarterly Earnings Results, Misses Expectations By $0.27 EPS

Acadia Realty Trust (NYSE:AKR) issued its 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 firm had revenue of $91.36 million for the quarter, compared to analyst estimates of $69.75 million. Acadia Realty Trust had a return on equity of 0.91% and a net margin of 5.72%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous 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 Trading Down 1.9 %

Shares of NYSE:AKR traded down $0.33 during trading on Tuesday, reaching $17.27. The stock had a trading volume of 145,161 shares, compared to its average volume of 1,175,067. Acadia Realty Trust has a fifty-two week low of $12.37 and a fifty-two week high of $17.90. The business has a fifty day moving average price of $16.73 and a 200-day moving average price of $16.23. The stock has a market cap of $1.78 billion, a P/E ratio of 92.66, a PEG ratio of 11.56 and a beta of 1.44. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.72 dividend on an annualized basis and a yield of 4.17%. Acadia Realty Trust’s dividend payout ratio (DPR) is 378.97%.

Wall Street Analyst Weigh In

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