Asset Management One Co. Ltd. lifted its stake in Agree Realty Co. (NYSE:ADC) by 12.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,727 shares of the real estate investment trust’s stock after buying an additional 10,379 shares during the quarter. Asset Management One Co. Ltd. owned about 0.33% of Agree Realty worth $4,723,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Riverhead Capital Management LLC raised its stake in 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 valued at $108,000 after purchasing an additional 1,263 shares during the period. Bank of Montreal Can raised its stake in 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 valued at $114,000 after purchasing an additional 1,868 shares during the period. Daiwa Securities Group Inc. raised its stake in Agree Realty by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 600 shares during the period. SG Americas Securities LLC bought a new stake in Agree Realty during the 2nd quarter valued at approximately $127,000. Finally, Victory Capital Management Inc. raised its stake in 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 valued at $147,000 after purchasing an additional 1,815 shares during the period. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Clayton R. Thelen bought 1,010 shares of the stock in a transaction dated Monday, December 11th. The shares were purchased at an average price of $49.56 per share, for a total transaction of $50,055.60. Following the completion of the purchase, the chief financial officer now directly owns 5,073 shares of the company’s stock, valued at $251,417.88. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 3,300 shares of Agree Realty stock in a transaction that occurred on Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, with a total value of $163,911.00. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
Shares of Agree Realty Co. (NYSE ADC) traded down $0.17 during midday trading on Thursday, reaching $49.58. The company’s stock had a trading volume of 173,805 shares, compared to its average volume of 196,776. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The company has a market cap of $1,450.00, a price-to-earnings ratio of 24.19, a PEG ratio of 3.47 and a beta of 0.56. Agree Realty Co. has a 1-year low of $44.28 and a 1-year high of $53.65.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The company had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. During the same period in the previous year, the firm posted $0.66 earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. equities research analysts anticipate that Agree Realty Co. will post 2.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a dividend of $0.52 per share. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend was Tuesday, December 19th. Agree Realty’s dividend payout ratio is currently 101.46%.
Several research firms have weighed in on ADC. Stifel Nicolaus restated a “buy” rating and set a $55.00 price target on shares of Agree Realty in a report on Thursday, January 4th. B. Riley set a $58.00 price target on Agree Realty and gave the company a “buy” rating in a report on Wednesday, January 3rd. Zacks Investment Research upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Wells Fargo & Co upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price objective for the company in a report on Tuesday, December 19th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $54.63.
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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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