Agree Realty Corporation $ADC Shares Acquired by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP lifted its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 21.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 48,932 shares of the real estate investment trust’s stock after acquiring an additional 8,481 shares during the period. Brevan Howard Capital Management LP’s holdings in Agree Realty were worth $3,476,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Centersquare Investment Management LLC boosted its stake in Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after purchasing an additional 51,269 shares in the last quarter. Strs Ohio grew its position in Agree Realty by 79.2% during the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock worth $13,817,000 after purchasing an additional 85,935 shares during the last quarter. AGP Franklin LLC acquired a new position in Agree Realty during the 3rd quarter valued at approximately $1,398,000. Cetera Investment Advisers increased its stake in Agree Realty by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV purchased a new position in shares of Agree Realty in the third quarter worth $971,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lifted their price objective 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. Evercore cut their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada lifted 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. Finally, Mizuho boosted their price target on Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, March 11th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.59.

Insider Activity at Agree Realty

In other Agree Realty news, CFO Peter Coughenour purchased 500 shares of the stock in a transaction on Friday, January 9th. The shares were bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares in the company, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard Agree purchased 24,000 shares of the business’s stock in a transaction on Friday, January 9th. The shares were 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 in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 39,500 shares of company stock worth $2,813,680 over the last three months. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Up 0.7%

ADC stock opened at $79.78 on Tuesday. The firm’s fifty day simple moving average is $75.84 and its 200-day simple moving average is $73.85. The company has a market capitalization of $9.58 billion, a P/E ratio of 45.08, a price-to-earnings-growth ratio of 3.08 and a beta of 0.52. 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 12 month low of $68.98 and a 12 month high of $82.08.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.262 per share. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 3.9%. Agree Realty’s payout ratio is currently 177.40%.

About Agree Realty

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.