Acadia Realty Trust (NYSE:AKR) declared that its board has authorized a stock buyback plan, which authorizes the company to buyback $200.00 million in outstanding shares on Wednesday, February 21st, EventVestor reports. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Acadia Realty Trust (NYSE:AKR) opened at $23.37 on Friday. The company has a market capitalization of $1,960.00, a price-to-earnings ratio of 32.46, a price-to-earnings-growth ratio of 1.83 and a beta of 0.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.48 and a quick ratio of 0.48. Acadia Realty Trust has a 12-month low of $21.34 and a 12-month high of $32.89.
AKR has been the topic of several research analyst reports. KeyCorp downgraded Acadia Realty Trust from an “overweight” rating to a “hold” rating in a research report on Monday, November 20th. Zacks Investment Research downgraded Acadia Realty Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, November 15th. Finally, Boenning Scattergood reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Acadia Realty Trust in a research report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $33.50.
About Acadia Realty Trust
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, development and management of retail properties located in the United States. It operates through three segments: Core Portfolio, Funds and Structured Financing. Core Portfolio and Fund properties primarily consist of street and urban retail, and dense suburban shopping centers.
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