Wells Fargo & Company MN Has $3.26 Million Holdings in Agree Realty Corporation (NYSE:ADC)

Wells Fargo & Company MN boosted its position in Agree Realty Corporation (NYSE:ADC) by 58.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,057 shares of the real estate investment trust’s stock after purchasing an additional 26,269 shares during the quarter. Wells Fargo & Company MN owned approximately 0.25% of Agree Realty Corporation worth $3,259,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ameritas Investment Partners Inc. purchased a new stake in shares of Agree Realty Corporation during the first quarter valued at $102,000. Bank of Montreal Can lifted its holdings in Agree Realty Corporation by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 1,868 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Agree Realty Corporation by 30.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 600 shares during the period. SG Americas Securities LLC bought a new position in Agree Realty Corporation in the second quarter valued at about $127,000. Finally, Neuberger Berman Group LLC lifted its holdings in Agree Realty Corporation by 6.2% in the first quarter. Neuberger Berman Group LLC now owns 5,529 shares of the real estate investment trust’s stock valued at $265,000 after acquiring an additional 325 shares during the period. Institutional investors and hedge funds own 85.04% of the company’s stock.

Shares of Agree Realty Corporation (ADC) opened at 47.20 on Friday. Agree Realty Corporation has a 12 month low of $41.01 and a 12 month high of $51.50. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 21.23 and a beta of 0.57. The firm’s 50-day moving average price is $49.84 and its 200-day moving average price is $48.34.

Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). Agree Realty Corporation had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. Equities research analysts expect that Agree Realty Corporation will post $1.94 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were issued a $0.505 dividend. The ex-dividend date was Thursday, September 28th. This represents a $2.02 annualized dividend and a yield of 4.28%. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 99.02%.

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ADC has been the topic of several recent research reports. Canaccord Genuity began coverage on Agree Realty Corporation in a research note on Tuesday, July 18th. They issued a “buy” rating and a $53.00 price objective on the stock. Zacks Investment Research raised Agree Realty Corporation from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday. FBR & Co reissued a “buy” rating and set a $58.00 target price on shares of Agree Realty Corporation in a research note on Tuesday. Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Agree Realty Corporation in a report on Tuesday. Finally, Stifel Nicolaus restated a “buy” rating and set a $54.00 price target on shares of Agree Realty Corporation in a report on Tuesday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $52.13.

Agree Realty Corporation Profile

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

Institutional Ownership by Quarter for Agree Realty Corporation (NYSE:ADC)

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