AGP Franklin LLC Invests $1.40 Million in Agree Realty Corporation $ADC

AGP Franklin LLC bought a new position in Agree Realty Corporation (NYSE:ADC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 19,672 shares of the real estate investment trust’s stock, valued at approximately $1,398,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 306 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 356 shares in the last quarter. Versant Capital Management Inc increased its position in Agree Realty by 47.6% in the third quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Allworth Financial LP raised its stake in Agree Realty by 41.7% during the second quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 262 shares in the last quarter. Finally, MAI Capital Management raised its stake in Agree Realty by 122.3% during the second quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock valued at $66,000 after purchasing an additional 499 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $69.80 per share, with a total value of $34,900.00. Following the transaction, the chief financial officer directly owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 15,000 shares of the stock in a transaction on Wednesday, December 24th. The stock was purchased at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the purchase, the director owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ADC has been the topic of a number of research reports. Royal Bank Of Canada reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 6th. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, January 21st. Wells Fargo & Company boosted their target price on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Finally, Stifel Nicolaus set a $83.50 price target on Agree Realty in a research report on Tuesday, November 25th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Stock Up 0.2%

Agree Realty stock opened at $72.80 on Wednesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The firm has a market cap of $8.37 billion, a P/E ratio of 42.57, a P/E/G ratio of 2.58 and a beta of 0.55. The business has a fifty day moving average of $72.64 and a two-hundred day moving average of $72.71. Agree Realty Corporation has a twelve month low of $68.98 and a twelve month high of $79.65.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, January 30th. Agree Realty’s payout ratio is 183.63%.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.