Bahl & Gaynor Inc. Buys 8,219 Shares of Agree Realty Corporation $ADC

Bahl & Gaynor Inc. grew its stake in Agree Realty Corporation (NYSE:ADC) by 1.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 604,627 shares of the real estate investment trust’s stock after purchasing an additional 8,219 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Agree Realty were worth $42,953,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ADC. Westside Investment Management Inc. raised its position in shares of Agree Realty by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in Agree Realty by 1,513.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 454 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in 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 worth $42,000 after buying an additional 356 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of 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 buying an additional 250 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of Agree Realty by 114.7% in the third quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 437 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter Coughenour bought 500 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 39,500 shares of company stock valued at $2,813,680 in the last quarter. 1.80% of the stock is currently owned by insiders.

Agree Realty Stock Performance

ADC stock opened at $80.57 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $81.17. The company has a market cap of $9.67 billion, a P/E ratio of 45.52, a price-to-earnings-growth ratio of 3.13 and a beta of 0.51. The stock’s fifty day moving average price is $73.99 and its 200-day moving average price is $73.24.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, February 27th. Agree Realty’s payout ratio is currently 177.40%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ADC shares. Wells Fargo & Company raised their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, January 21st. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Mizuho lowered their price target on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Finally, Royal Bank Of Canada lifted their price objective on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.50.

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.