Schwab Charles Investment Management Inc. grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 5.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 123,075 shares of the real estate investment trust’s stock after purchasing an additional 6,790 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Agree Realty were worth $6,041,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of ADC. Riverhead Capital Management LLC increased its stake in shares of Agree Realty by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after purchasing an additional 1,263 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Agree Realty by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 1,868 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Agree Realty during the 2nd quarter worth about $127,000. Victory Capital Management Inc. increased its stake in shares of Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 1,815 shares during the last quarter. Finally, Pinebridge Investments L.P. increased its stake in shares of Agree Realty by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after purchasing an additional 34 shares during the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John Rakolta, Jr. purchased 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were acquired at an average price of $49.67 per share, for a total transaction of $163,911.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Clayton R. Thelen bought 1,010 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were acquired at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the transaction, the chief financial officer now owns 5,073 shares in the company, valued at $251,417.88. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by corporate insiders.
ADC has been the topic of several recent analyst reports. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. Zacks Investment Research upgraded shares of Agree Realty from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, October 25th. FBR & Co restated a “buy” rating and set a $58.00 price objective on shares of Agree Realty in a research note on Tuesday, October 24th. Ladenburg Thalmann Financial Services reiterated a “buy” rating on shares of Agree Realty in a research note on Tuesday, October 24th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price target on shares of Agree Realty in a research note on Tuesday, October 24th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $54.63.
Agree Realty Co. (ADC) opened at $50.57 on Monday. Agree Realty Co. has a 52 week low of $44.28 and a 52 week high of $53.65. The company has a market cap of $1,477.45, a PE ratio of 24.79, a P/E/G ratio of 3.46 and a beta of 0.56. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.59.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.27). Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The company had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. During the same quarter last year, the company posted $0.66 EPS. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. equities analysts forecast that Agree Realty Co. will post 2.7 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were paid a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.08 dividend on an annualized basis and a yield of 4.11%. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. Agree Realty’s dividend payout ratio is 101.96%.
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Agree Realty Company 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).
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