Pitcairn Co. lessened its stake in Agree Realty Co. (NYSE:ADC) by 19.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,296 shares of the real estate investment trust’s stock after selling 1,041 shares during the period. Pitcairn Co.’s holdings in Agree Realty were worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. raised its stake in Agree Realty by 8.1% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,344 shares of the real estate investment trust’s stock worth $162,000 after purchasing an additional 175 shares during the period. First National Bank of Omaha raised its stake in shares of Agree Realty by 1.3% in the 1st quarter. First National Bank of Omaha now owns 14,223 shares of the real estate investment trust’s stock valued at $880,000 after acquiring an additional 182 shares during the period. Telemus Capital LLC raised its stake in shares of Agree Realty by 4.4% in the 2nd quarter. Telemus Capital LLC now owns 4,552 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 193 shares during the period. Private Capital Group LLC raised its stake in shares of Agree Realty by 32.6% in the 1st quarter. Private Capital Group LLC now owns 976 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 240 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of Agree Realty by 108.6% in the 1st quarter. Van ECK Associates Corp now owns 507 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 264 shares during the period. Institutional investors own 98.80% of the company’s stock.
ADC has been the topic of a number of research reports. Wells Fargo & Co raised their target price on shares of Agree Realty from $67.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. Odeon Capital Group initiated coverage on shares of Agree Realty in a research note on Sunday, April 19th. They issued a “buy” rating and a $72.00 target price on the stock. Citigroup raised their target price on shares of Agree Realty from $70.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Zacks Investment Research downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $73.00 price target on shares of Agree Realty in a research note on Friday, July 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $75.33.
Agree Realty stock opened at $66.97 on Friday. Agree Realty Co. has a 12-month low of $45.23 and a 12-month high of $80.51. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 34.52 and a beta of 0.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s fifty day moving average price is $65.46 and its 200 day moving average price is $67.07.
Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, July 20th. The real estate investment trust reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.25). The company had revenue of $57.54 million for the quarter, compared to analyst estimates of $55.23 million. Agree Realty had a return on equity of 5.24% and a net margin of 41.98%. Analysts forecast that Agree Realty Co. will post 3.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were issued a dividend of $0.60 per share. This is a positive change from Agree Realty’s previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Thursday, June 25th. Agree Realty’s dividend payout ratio (DPR) is currently 77.92%.
In other Agree Realty news, Director Jerome R. Rossi sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.49, for a total transaction of $134,980.00. Following the completion of the transaction, the director now directly owns 2,171 shares of the company’s stock, valued at approximately $146,520.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.
Agree Realty Company Profile
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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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