6 Meridian raised its holdings in shares of Agree Realty Co. (NYSE:ADC) by 10.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,512 shares of the real estate investment trust’s stock after purchasing an additional 1,285 shares during the quarter. 6 Meridian’s holdings in Agree Realty were worth $649,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Agree Realty by 54.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,083 shares of the real estate investment trust’s stock worth $148,000 after acquiring an additional 1,082 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Agree Realty by 4.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 28,887 shares of the real estate investment trust’s stock worth $1,388,000 after buying an additional 1,167 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Agree Realty by 3.5% in the 4th quarter. California Public Employees Retirement System now owns 46,663 shares of the real estate investment trust’s stock worth $2,400,000 after buying an additional 1,584 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Agree Realty by 3.4% in the 4th quarter. Swiss National Bank now owns 48,782 shares of the real estate investment trust’s stock worth $2,509,000 after buying an additional 1,600 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Agree Realty by 73.5% in the 1st quarter. SG Americas Securities LLC now owns 3,959 shares of the real estate investment trust’s stock worth $190,000 after buying an additional 1,677 shares during the last quarter. Institutional investors and hedge funds own 97.45% of the company’s stock.
A number of brokerages recently weighed in on ADC. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. B. Riley set a $58.00 price target on shares of Agree Realty and gave the stock a “buy” rating in a report on Friday, February 23rd. Jefferies Group reissued a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. Finally, Zacks Investment Research downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Monday, February 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $55.13.
In other Agree Realty news, Director John Rakolta, Jr. acquired 12,500 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were acquired at an average cost of $47.19 per share, with a total value of $589,875.00. Following the completion of the acquisition, the director now directly owns 189,933 shares in the company, valued at $8,962,938.27. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.70% of the stock is owned by corporate insiders.
Shares of Agree Realty opened at $49.80 on Monday, Marketbeat Ratings reports. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $1.45 billion, a P/E ratio of 18.31, a P/E/G ratio of 3.42 and a beta of 0.40. Agree Realty Co. has a fifty-two week low of $43.74 and a fifty-two week high of $53.65.
Agree Realty (NYSE:ADC) last released its quarterly earnings data on Monday, April 23rd. The real estate investment trust reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.18). The business had revenue of $34.57 million for the quarter, compared to analysts’ expectations of $33.45 million. Agree Realty had a net margin of 48.16% and a return on equity of 6.97%. analysts expect that Agree Realty Co. will post 2.91 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, June 28th. This is an increase from Agree Realty’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 4.34%. Agree Realty’s dividend payout ratio is 76.47%.
About Agree Realty
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 December 31, 2017, the Company owned and operated a portfolio of 436 properties, located in 43 states and containing approximately 8.7 million square feet of gross leasable space.
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