Short Interest in Acadia Realty Trust (NYSE:AKR) Expands By 233.6%

Acadia Realty Trust (NYSE:AKR) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 8,340,000 shares, a growth of 233.6% from the September 30th total of 2,500,000 shares. Based on an average trading volume of 895,700 shares, the days-to-cover ratio is presently 9.3 days.

Acadia Realty Trust Price Performance

AKR traded down $0.26 during trading on Friday, reaching $24.01. The stock had a trading volume of 562,601 shares, compared to its average volume of 980,706. The business has a 50-day moving average of $23.00 and a 200-day moving average of $19.92. Acadia Realty Trust has a one year low of $13.24 and a one year high of $24.75. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $2.48 billion, a PE ratio of 300.13, a PEG ratio of 6.30 and a beta of 1.47.

Acadia Realty Trust (NYSE:AKR) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.30). The firm had revenue of $87.25 million during the quarter, compared to analysts’ expectations of $70.16 million. Acadia Realty Trust had a return on equity of 0.03% and a net margin of 0.20%. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS. As a group, equities research analysts anticipate that Acadia Realty Trust will post 1.29 EPS for the current fiscal year.

Acadia Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.19 per share. The ex-dividend date was Monday, September 30th. This represents a $0.76 annualized dividend and a dividend yield of 3.17%. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s dividend payout ratio (DPR) is currently 950.00%.

Institutional Trading of Acadia Realty Trust

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Acadia Realty Trust by 7.7% in the first quarter. Vanguard Group Inc. now owns 16,682,822 shares of the real estate investment trust’s stock worth $283,775,000 after buying an additional 1,192,138 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Acadia Realty Trust by 4.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,848,246 shares of the real estate investment trust’s stock worth $150,511,000 after acquiring an additional 388,067 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in Acadia Realty Trust by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 51,900 shares of the real estate investment trust’s stock worth $930,000 after purchasing an additional 1,200 shares during the period. Capstone Investment Advisors LLC bought a new position in Acadia Realty Trust in the first quarter worth $260,000. Finally, DekaBank Deutsche Girozentrale lifted its position in Acadia Realty Trust by 1.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 136,073 shares of the real estate investment trust’s stock valued at $2,234,000 after buying an additional 2,290 shares during the period. 97.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Compass Point upgraded shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and increased their target price for the stock from $23.00 to $27.00 in a research report on Thursday, October 10th. StockNews.com cut shares of Acadia Realty Trust from a “hold” rating to a “sell” rating in a research note on Monday, October 14th. Finally, Truist Financial lifted their price objective on Acadia Realty Trust from $18.00 to $23.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.60.

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.