BlackRock Fund Advisors recently announced the acquisition of new stake in Acadia Realty Trust (NYSE:AKR). The institutional investor has increased its shareholding in the Real Estate company by 0.98% to 15.48 million shares with purchase of 0.15 million shares. This fresh investment now brings its stake to 16.24% valued currently at $234.07 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.11 million to 15.31 million shares. And T. Rowe Price Associates, Inc. has lifted its position by 1.29% or 52937.0 shares – to 4.16 million shares.
With over 5.47 million Acadia Realty Trust (AKR) shares trading Tuesday and a closing price of $17.21 on the day, the dollar volume was approximately $94.09 million. Currently, there are 95.12M common shares owned by the public and among those 94.54M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for AKR have a consensus price objective of $16.80. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $14.00. The average price target is -2.44% below its recent price level and a downside to the estimated low will see the stock lose -22.93% over that period. But an upside of 13.95% will see the stock hit the forecast high price target while median target price for the stock is $16.00.
Insiders at the company have transacted a total of 25 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 246,545 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 19,500 shares.
The top 3 mutual fund holders in Acadia Realty Trust are Cohen & Steers Real Estate Securi, iShares Core S&P Small Cap ETF, and Vanguard Real Estate Index Fund. Cohen & Steers Real Estate Securi owns 8.93 million shares of the company’s stock, all valued at over $135.06 million. iShares Core S&P Small Cap ETF bought 3330.0 shares to see its total holdings expand to 6.37 million shares valued at over $96.33 million and representing 6.68% of the shares outstanding. Vanguard Real Estate Index Fund sold 19977.0 shares to bring its total holdings to over 3.92 million shares at a value of $59.33 million. Vanguard Real Estate Index Fund now owns shares totaling to 4.12% of the shares outstanding.
Shares of Acadia Realty Trust (NYSE: AKR) opened at $17.22, up $0.01 from a prior closing price of $17.21. The company’s stock has a 5-day price change of 0.17% and 23.81% over the past three months. AKR shares are trading 1.29% year to date (YTD), with the 12-month market performance up to 18.53% higher. It has a 12-month low price of $12.37 and touched a high of $17.36 over the same period. AKR has an average intraday trading volume of 764.12K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.44%, 10.13%, and 18.03% respectively.
Institutional ownership of Acadia Realty Trust (NYSE: AKR) shares accounts for 104.16% of the company’s 95.12M shares outstanding. Mutual fund holders own 39.85%, while other institutional holders and individual stakeholders account for 64.57% and 3.32% respectively.
It has a market capitalization of $1.64B and a beta (3y monthly) value of 1.47. The stock’s trailing 12-month PE ratio is 67.54, while the earnings-per-share (ttm) stands at $0.25. The company has a PEG of 22.51 and the debt-to-equity ratio at 1.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.67% over the week and 2.23% over the month.
Analysts forecast that Acadia Realty Trust (AKR) will achieve an EPS of $0.02 for the current quarter, $0.02 for the next quarter and $0.15 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was $0.04 a year ago. Earnings per share for the fiscal year are expected to increase by 115.82%, and -37.88% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Acadia Realty Trust (AKR) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 2 of the 5 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the AKR, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on January 02, 2024, with the firm’s price target at $15-$20.
