Northern Trust Corp boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 956,488 shares of the real estate investment trust’s stock after purchasing an additional 44,653 shares during the period. Northern Trust Corp owned approximately 3.08% of Agree Realty worth $50,473,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of Agree Realty by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 843,492 shares of the real estate investment trust’s stock valued at $44,510,000 after acquiring an additional 24,630 shares during the last quarter. Waddell & Reed Financial Inc. purchased a new stake in shares of Agree Realty in the 2nd quarter valued at $9,251,000. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Agree Realty by 13.6% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 12,313 shares of the real estate investment trust’s stock valued at $650,000 after acquiring an additional 1,473 shares during the last quarter. Vident Investment Advisory LLC purchased a new stake in shares of Agree Realty in the 2nd quarter valued at $242,000. Finally, Macquarie Group Ltd. boosted its holdings in shares of Agree Realty by 18.1% in the 2nd quarter. Macquarie Group Ltd. now owns 8,500 shares of the real estate investment trust’s stock valued at $449,000 after acquiring an additional 1,300 shares during the last quarter. 96.31% of the stock is currently owned by institutional investors.
Shares of NYSE ADC opened at $51.46 on Friday. Agree Realty Co. has a 1 year low of $43.74 and a 1 year high of $57.49. The firm has a market cap of $1.65 billion, a P/E ratio of 19.03, a PEG ratio of 3.71 and a beta of 0.23. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.71.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.06. Agree Realty had a net margin of 43.90% and a return on equity of 6.53%. The firm had revenue of $35.71 million for the quarter, compared to the consensus estimate of $35.50 million. On average, research analysts anticipate that Agree Realty Co. will post 2.86 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend was Thursday, September 27th. Agree Realty’s dividend payout ratio (DPR) is presently 79.41%.
Several analysts have recently commented on the stock. Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, September 4th. Stifel Nicolaus upped their price objective on shares of Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a report on Monday, September 10th. ValuEngine raised shares of Agree Realty from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. SunTrust Banks set a $57.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a report on Tuesday, August 7th. Finally, Jefferies Financial Group set a $58.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a report on Monday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $57.63.
In other news, insider Richard Agree purchased 6,000 shares of the stock in a transaction that occurred on Thursday, September 6th. The shares were purchased at an average cost of $54.77 per share, with a total value of $328,620.00. Following the completion of the acquisition, the insider now owns 417,966 shares of the company’s stock, valued at approximately $22,891,997.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 13,274 shares of the stock in a transaction that occurred on Wednesday, September 5th. The shares were purchased at an average cost of $54.80 per share, for a total transaction of $727,415.20. Following the completion of the acquisition, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $657,600. The disclosure for this purchase can be found here. Insiders have purchased 19,494 shares of company stock worth $1,067,618 over the last three months. 3.70% of the stock is currently owned by insiders.
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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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