Acadia Realty Trust (AKR) Cut to Sell at Zacks Investment Research

Acadia Realty Trust (NYSE:AKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “

Other equities research analysts also recently issued research reports about the company. Boenning Scattergood reaffirmed a “buy” rating on shares of Acadia Realty Trust in a research report on Friday, February 23rd. ValuEngine downgraded Acadia Realty Trust from a “hold” rating to a “sell” rating in a research report on Thursday, April 19th. Finally, Citigroup lowered their price objective on Acadia Realty Trust from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $32.75.

Acadia Realty Trust stock traded down $0.16 during mid-day trading on Wednesday, hitting $22.46. 493,596 shares of the company were exchanged, compared to its average volume of 768,002. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.40 and a current ratio of 0.40. The company has a market capitalization of $1,887.39, a price-to-earnings ratio of 14.87, a PEG ratio of 2.35 and a beta of 0.41. Acadia Realty Trust has a 12-month low of $21.34 and a 12-month high of $30.63.

Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.08). The company had revenue of $66.08 million for the quarter, compared to analysts’ expectations of $50.00 million. Acadia Realty Trust had a return on equity of 2.81% and a net margin of 24.56%. analysts forecast that Acadia Realty Trust will post 1.38 EPS for the current fiscal year.

Acadia Realty Trust announced that its Board of Directors has approved a share buyback plan on Wednesday, February 21st that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Joseph Napolitano sold 14,626 shares of Acadia Realty Trust stock in a transaction on Monday, March 5th. The stock was sold at an average price of $25.26, for a total value of $369,452.76. Following the transaction, the insider now owns 14,744 shares in the company, valued at $372,433.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.15% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB acquired a new position in Acadia Realty Trust in the fourth quarter valued at $247,000. William Blair Investment Management LLC boosted its holdings in Acadia Realty Trust by 12.5% in the fourth quarter. William Blair Investment Management LLC now owns 871,587 shares of the real estate investment trust’s stock valued at $23,847,000 after acquiring an additional 97,018 shares during the last quarter. Phocas Financial Corp. acquired a new position in Acadia Realty Trust in the fourth quarter valued at $9,714,000. MetLife Investment Advisors LLC acquired a new position in Acadia Realty Trust in the fourth quarter valued at $1,055,000. Finally, Eii Capital Management Inc. acquired a new position in Acadia Realty Trust in the fourth quarter valued at $383,000.

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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 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 urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.

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