Acadia Realty Trust (NYSE:AKR) Releases Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Acadia Realty Trust (NYSE:AKR) issued its earnings results on Tuesday. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.30), Yahoo Finance reports. Acadia Realty Trust had a return on equity of 0.03% and a net margin of 0.20%. The company had revenue of $87.25 million during the quarter, compared to analysts’ expectations of $70.16 million. During the same quarter in the previous year, the company earned $0.36 EPS. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. Acadia Realty Trust updated its FY24 guidance to $1.26-1.32 EPS and its FY 2024 guidance to 1.260-1.320 EPS.

Acadia Realty Trust Price Performance

Shares of NYSE:AKR traded up $0.02 during midday trading on Thursday, hitting $21.66. The company had a trading volume of 1,884,379 shares, compared to its average volume of 1,035,479. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50-day simple moving average is $18.23 and its 200-day simple moving average is $17.35. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 270.88, a price-to-earnings-growth ratio of 5.61 and a beta of 1.46. Acadia Realty Trust has a twelve month low of $13.24 and a twelve month high of $22.51.

Acadia Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.19 per share. This is a boost from Acadia Realty Trust’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Monday, September 30th. Acadia Realty Trust’s payout ratio is currently 900.00%.

Insiders Place Their Bets

In related news, CFO John J. Gottfried sold 12,500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $16.89, for a total transaction of $211,125.00. Following the completion of the sale, the chief financial officer now directly owns 7,600 shares in the company, valued at $128,364. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Acadia Realty Trust news, CFO John J. Gottfried sold 12,500 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $16.89, for a total transaction of $211,125.00. Following the completion of the sale, the chief financial officer now owns 7,600 shares of the company’s stock, valued at $128,364. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Richard Hartmann sold 25,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $17.10, for a total value of $427,500.00. The disclosure for this sale can be found here. Corporate insiders own 2.83% of the company’s stock.

Wall Street Analyst Weigh In

AKR has been the subject of several recent research reports. JPMorgan Chase & Co. raised 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 report on Wednesday, June 26th. Bank of America raised shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and increased their target price for the stock from $18.00 to $20.00 in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Acadia Realty Trust has an average rating of “Hold” and an average target price of $18.40.

Acadia Realty Trust Company Profile

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.