Advisor Group Inc. grew its holdings in Agree Realty Co. (NYSE:ADC) by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,030 shares of the real estate investment trust’s stock after purchasing an additional 2,137 shares during the quarter. Advisor Group Inc.’s holdings in Agree Realty were worth $1,111,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in ADC. American International Group Inc. lifted its stake in shares of Agree Realty by 9.8% during the fourth quarter. American International Group Inc. now owns 26,131 shares of the real estate investment trust’s stock valued at $1,545,000 after buying an additional 2,335 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Agree Realty by 10.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 517,960 shares of the real estate investment trust’s stock valued at $30,622,000 after buying an additional 48,045 shares during the period. Castleark Management LLC purchased a new position in shares of Agree Realty during the fourth quarter valued at approximately $6,725,000. Prudential Financial Inc. lifted its stake in shares of Agree Realty by 8.6% during the fourth quarter. Prudential Financial Inc. now owns 55,830 shares of the real estate investment trust’s stock valued at $3,301,000 after buying an additional 4,440 shares during the period. Finally, Bessemer Group Inc. purchased a new position in shares of Agree Realty during the fourth quarter valued at approximately $77,000. Institutional investors and hedge funds own 97.69% of the company’s stock.
Shares of ADC opened at $66.99 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The company has a market cap of $2.73 billion, a P/E ratio of 23.51, a PEG ratio of 3.70 and a beta of 0.13. Agree Realty Co. has a 1 year low of $50.72 and a 1 year high of $70.25.
Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.26). The company had revenue of $42.35 million for the quarter, compared to analysts’ expectations of $43.77 million. Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. On average, equities analysts predict that Agree Realty Co. will post 3.03 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.57 per share. The ex-dividend date is Thursday, June 27th. This represents a $2.28 dividend on an annualized basis and a yield of 3.40%. This is an increase from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s dividend payout ratio (DPR) is currently 77.89%.
Several equities analysts recently issued reports on the stock. Wells Fargo & Co upped their price objective on shares of Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, March 18th. They noted that the move was a valuation call. Citigroup upped their price objective on shares of Agree Realty from $61.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, February 27th. Finally, Raymond James upped their price objective on shares of Agree Realty from $68.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Monday, March 4th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $66.33.
In related news, Director Craig Erlich purchased 750 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were bought at an average price of $67.47 per share, with a total value of $50,602.50. Following the completion of the purchase, the director now directly owns 13,023 shares in the company, valued at approximately $878,661.81. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Rakolta, Jr. purchased 6,801 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were bought at an average cost of $66.19 per share, for a total transaction of $450,158.19. Following the purchase, the director now owns 206,088 shares of the company’s stock, valued at $13,640,964.72. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.
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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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