Is Acadia Realty Trust (AKR) A Good Stock To Buy?

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Due to the fact that Acadia Realty Trust (NYSE:AKR) has witnessed declining sentiment from the aggregate hedge fund industry, logic holds that there lies a certain “tier” of fund managers that decided to sell off their entire stakes last quarter. It’s worth mentioning that Millennium Management, one of the 10 largest hedge funds in the world, got rid of the biggest stake of all the investors studied by Insider Monkey, worth close to $26.4 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dumped about $5.3 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to Acadia Realty Trust (NYSE:AKR). These stocks are Brandywine Realty Trust (NYSE:BDN), MGIC Investment Corp. (NYSE:MTG), Sinclair Broadcast Group, Inc. (NASDAQ:SBGI), and Joy Global Inc. (NYSE:JOY). This group of stocks’ market caps match AKR’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BDN 12 43353 -1
MTG 36 545424 -10
SBGI 32 346772 -1
JOY 21 337414 -1

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $318 million. That figure was $114 million in AKR’s case. MGIC Investment Corp. (NYSE:MTG) is the most popular stock in this table. On the other hand Brandywine Realty Trust (NYSE:BDN) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Acadia Realty Trust (NYSE:AKR) is even less popular than BDN. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.

Disclosure: None

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