The Manufacturers Life Insurance Company Raises Stake in Acadia Realty Trust (NYSE:AKR)

The Manufacturers Life Insurance Company raised its holdings in shares of Acadia Realty Trust (NYSE:AKR) by 10.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,697 shares of the real estate investment trust’s stock after purchasing an additional 4,810 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Acadia Realty Trust worth $944,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Acadia Realty Trust by 32.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,322 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 572 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Acadia Realty Trust during the first quarter valued at approximately $58,000. SG Americas Securities LLC bought a new stake in shares of Acadia Realty Trust during the second quarter valued at approximately $103,000. Ameritas Investment Partners Inc. raised its holdings in Acadia Realty Trust by 8.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 10,031 shares of the real estate investment trust’s stock worth $171,000 after acquiring an additional 740 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Acadia Realty Trust in the 2nd quarter valued at approximately $242,000. 97.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AKR shares. Truist Financial boosted their price target on Acadia Realty Trust from $18.00 to $23.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Compass Point raised shares of Acadia Realty Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $23.00 to $27.00 in a report on Thursday. JPMorgan Chase & Co. raised shares of Acadia Realty Trust from an “underweight” rating to a “neutral” rating and set a $18.00 price objective for the company in a report on Wednesday, June 26th. Finally, StockNews.com upgraded shares of Acadia Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Acadia Realty Trust Stock Performance

Shares of NYSE AKR opened at $23.56 on Monday. Acadia Realty Trust has a 12-month low of $13.24 and a 12-month high of $23.68. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 6.04 and a beta of 1.47. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $22.41 and a 200 day moving average of $19.41.

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

Acadia Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a yield of 3.23%. This is an increase from Acadia Realty Trust’s previous quarterly dividend of $0.18.

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.