JPMorgan Chase & Co. Boosts Holdings in Agree Realty Corporation $ADC

JPMorgan Chase & Co. lifted its position in shares of Agree Realty Corporation (NYSE:ADC) by 65.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,016,722 shares of the real estate investment trust’s stock after purchasing an additional 799,185 shares during the period. JPMorgan Chase & Co. owned about 1.75% of Agree Realty worth $143,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC grew its stake in shares of Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock valued at $2,112,000 after acquiring an additional 19,948 shares in the last quarter. CWM LLC boosted its holdings in Agree Realty by 42.2% in the second quarter. CWM LLC now owns 4,912 shares of the real estate investment trust’s stock valued at $359,000 after purchasing an additional 1,457 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Agree Realty by 6.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 63,542 shares of the real estate investment trust’s stock valued at $4,638,000 after purchasing an additional 3,959 shares during the last quarter. Securian Asset Management Inc. grew its stake in Agree Realty by 2.9% during the 2nd quarter. Securian Asset Management Inc. now owns 8,362 shares of the real estate investment trust’s stock valued at $611,000 after purchasing an additional 233 shares in the last quarter. Finally, Ethic Inc. increased its holdings in Agree Realty by 18.3% during the 2nd quarter. Ethic Inc. now owns 10,473 shares of the real estate investment trust’s stock worth $758,000 after purchasing an additional 1,623 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

ADC has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Royal Bank Of Canada raised their price objective on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. Mizuho dropped their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average price target of $80.50.

Insider Transactions at Agree Realty

In related news, Director John Rakolta, Jr. acquired 15,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the purchase, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard Agree bought 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The stock was bought at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is currently owned by company insiders.

Agree Realty Trading Up 1.4%

Agree Realty stock opened at $78.20 on Friday. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $79.65. The firm’s 50-day moving average is $73.22 and its 200-day moving average is $73.01. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $9.39 billion, a P/E ratio of 44.18, a PEG ratio of 3.04 and a beta of 0.54.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is 177.40%.

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.