Raymond James & Associates grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,792 shares of the real estate investment trust’s stock after purchasing an additional 2,140 shares during the period. Raymond James & Associates owned approximately 0.17% of Agree Realty worth $4,423,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of ADC. American International Group Inc. grew its stake in shares of Agree Realty by 9.8% during the fourth quarter. American International Group Inc. now owns 26,131 shares of the real estate investment trust’s stock worth $1,545,000 after purchasing an additional 2,335 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Agree Realty by 10.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 517,960 shares of the real estate investment trust’s stock valued at $30,622,000 after acquiring an additional 48,045 shares during the last quarter. New York State Teachers Retirement System lifted its position in Agree Realty by 0.7% in the fourth quarter. New York State Teachers Retirement System now owns 76,728 shares of the real estate investment trust’s stock valued at $4,536,000 after acquiring an additional 544 shares during the last quarter. Prudential Financial Inc. lifted its position in Agree Realty by 8.6% in the fourth quarter. Prudential Financial Inc. now owns 55,830 shares of the real estate investment trust’s stock valued at $3,301,000 after acquiring an additional 4,440 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in shares of Agree Realty in the fourth quarter valued at about $6,725,000. Institutional investors own 97.35% of the company’s stock.
A number of brokerages have recently commented on ADC. Wells Fargo & Co upped their target price on shares of Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, March 18th. They noted that the move was a valuation call. Raymond James increased their price target on shares of Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Monday, March 4th. Finally, Citigroup increased their price target on shares of Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, February 27th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $66.33.
Shares of ADC traded down $1.99 on Wednesday, hitting $63.61. 233,700 shares of the stock traded hands, compared to its average volume of 311,786. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 3.69 and a beta of 0.13. Agree Realty Co. has a 1 year low of $50.72 and a 1 year high of $70.25. The firm has a 50 day moving average price of $67.03.
Agree Realty (NYSE:ADC) last issued its earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.26). The business had revenue of $42.35 million during the quarter, compared to analysts’ expectations of $43.77 million. Agree Realty had a net margin of 38.49% and a return on equity of 5.33%. On average, sell-side analysts expect that Agree Realty Co. will post 3.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.57 per share. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.58%. The ex-dividend date is Thursday, June 27th. Agree Realty’s dividend payout ratio (DPR) is currently 77.89%.
In other news, Director Farris G. Kalil sold 701 shares of Agree Realty stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $69.49, for a total value of $48,712.49. Following the transaction, the director now owns 9,034 shares of the company’s stock, valued at approximately $627,772.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig Erlich acquired 750 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was acquired at an average cost of $67.47 per share, for a total transaction of $50,602.50. Following the purchase, the director now directly owns 13,023 shares in the company, valued at $878,661.81. The disclosure for this purchase can be found here. Insiders own 3.10% of the company’s stock.
Agree Realty Company Profile
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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