California Public Employees Retirement System lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,663 shares of the real estate investment trust’s stock after buying an additional 1,584 shares during the period. California Public Employees Retirement System’s holdings in Agree Realty were worth $2,400,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings 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 buying an additional 1,815 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Agree Realty during the 3rd quarter worth $185,000. GW&K Investment Management LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth $233,000. SG Americas Securities LLC increased its holdings in Agree Realty by 65.5% in the 3rd quarter. SG Americas Securities LLC now owns 4,581 shares of the real estate investment trust’s stock valued at $225,000 after purchasing an additional 1,813 shares in the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in Agree Realty in the 3rd quarter valued at $388,000. Institutional investors and hedge funds own 96.37% of the company’s stock.
Agree Realty stock opened at $47.12 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.15 and a quick ratio of 2.15. The firm has a market cap of $1,380.16, a PE ratio of 17.44, a price-to-earnings-growth ratio of 3.26 and a beta of 0.45. Agree Realty Co. has a 12-month low of $43.74 and a 12-month high of $53.65.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Thursday, February 22nd. The real estate investment trust reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $31.52 million during the quarter, compared to analysts’ expectations of $31.46 million. Agree Realty had a net margin of 49.86% and a return on equity of 7.22%. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 EPS. equities research analysts predict that Agree Realty Co. will post 2.91 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.08 dividend on an annualized basis and a yield of 4.41%. Agree Realty’s payout ratio is currently 99.52%.
Several brokerages recently issued reports on ADC. Zacks Investment Research downgraded Agree Realty from a “hold” rating to a “sell” rating in a report on Wednesday, March 7th. Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 price target on shares of Agree Realty in a report on Thursday, January 4th. Jefferies Group reiterated a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, B. Riley set a $58.00 price target on Agree Realty and gave the company a “buy” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. Agree Realty has a consensus rating of “Buy” and an average price target of $55.13.
In other news, Director John Rakolta, Jr. acquired 12,500 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was bought at an average cost of $47.19 per share, with a total value of $589,875.00. Following the transaction, the director now directly owns 189,933 shares in the company, valued at approximately $8,962,938.27. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.40% of the company’s stock.
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Agree Realty 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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