Agree Realty Corporation $ADC Shares Purchased by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co boosted its holdings in Agree Realty Corporation (NYSE:ADC) by 108.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 27,751 shares of the real estate investment trust’s stock after purchasing an additional 14,465 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Agree Realty were worth $1,971,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Westwood Holdings Group Inc. acquired a new stake in shares of Agree Realty in the second quarter worth $65,376,000. Norges Bank acquired a new position in shares of Agree Realty during the 2nd quarter valued at $65,030,000. JPMorgan Chase & Co. boosted its position in Agree Realty by 65.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after purchasing an additional 799,185 shares during the period. Lasalle Investment Management Securities LLC increased its holdings in Agree Realty by 208.5% in the 3rd quarter. Lasalle Investment Management Securities LLC now owns 635,405 shares of the real estate investment trust’s stock valued at $45,139,000 after purchasing an additional 429,469 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Agree Realty by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock valued at $1,119,037,000 after purchasing an additional 403,048 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Agree Realty

In related news, Director John Rakolta, Jr. acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The stock was bought at an average cost of $72.18 per share, with a total value of $1,082,700.00. Following the acquisition, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree bought 24,000 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was bought at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 39,500 shares of company stock valued at $2,813,680 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $81.93 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a fifty-two week low of $68.98 and a fifty-two week high of $82.08. The business has a 50 day moving average price of $74.56 and a two-hundred day moving average price of $73.43. The firm has a market cap of $9.83 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 3.18 and a beta of 0.52.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, February 27th. Agree Realty’s payout ratio is 177.40%.

Analysts Set New Price Targets

A number of brokerages have commented on ADC. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Royal Bank Of Canada boosted their price target on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Stifel Nicolaus upped their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Evercore dropped their price objective on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Finally, Wells Fargo & Company boosted their target price on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.