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

Acadia Realty Trust (NYSE:AKR) released its earnings results on Tuesday. The real estate investment trust reported $0.01 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.30), Yahoo Finance reports. The company had revenue of $87.25 million for the quarter, compared to analyst estimates of $70.16 million. Acadia Realty Trust had a net margin of 0.20% and a return on equity of 0.03%. Acadia Realty Trust’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. 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 Stock Performance

Shares of Acadia Realty Trust stock remained flat at $21.64 during mid-day trading on Thursday. 857,741 shares of the company were exchanged, compared to its average volume of 1,028,495. The company has a market capitalization of $2.23 billion, a P/E ratio of 270.88, a price-to-earnings-growth ratio of 5.61 and a beta of 1.46. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.77. The company has a fifty day simple moving average of $18.23 and a 200-day simple moving average of $17.35. Acadia Realty Trust has a 1-year low of $13.24 and a 1-year high of $22.51.

Acadia Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.51%. This is a boost from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s dividend payout ratio (DPR) is 900.00%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. 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 note on Wednesday, June 26th. Bank of America upgraded shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and increased their price objective for the company 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.40.

Insider Buying and Selling

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

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.