Insider Buying: Agree Realty Corporation (ADC) Director Buys 3,300 Shares of Stock
Agree Realty Corporation (NYSE:ADC) Director John Rakolta, Jr. acquired 3,300 shares of the stock in a transaction dated Thursday, November 30th. The stock was acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The transaction was disclosed in a filing with the SEC, which is available through this link.
Shares of Agree Realty Corporation (ADC) traded up $0.03 on Thursday, hitting $49.44. 193,774 shares of the company’s stock traded hands, compared to its average volume of 199,969. Agree Realty Corporation has a one year low of $43.12 and a one year high of $51.50. The firm has a market capitalization of $1,447.06, a PE ratio of 18.69, a price-to-earnings-growth ratio of 3.66 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.63.
Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.27). The company had revenue of $30.39 million for the quarter, compared to analyst estimates of $29.48 million. Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 earnings per share. sell-side analysts forecast that Agree Realty Corporation will post 2.71 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC lifted its stake in Agree Realty by 114.8% in the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after acquiring an additional 1,263 shares during the last quarter. Bank of Montreal Can lifted its stake in Agree Realty by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 1,868 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Agree Realty by 30.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 600 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Agree Realty in the second quarter valued at approximately $127,000. Finally, Victory Capital Management Inc. lifted its stake in Agree Realty by 154.5% in the third quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after acquiring an additional 1,815 shares during the last quarter. Hedge funds and other institutional investors own 87.04% of the company’s stock.
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About Agree Realty
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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