Allspring Global Investments Holdings LLC Decreases Stake in Agree Realty Corporation $ADC

Allspring Global Investments Holdings LLC lowered its stake in Agree Realty Corporation (NYSE:ADC) by 57.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 136,540 shares of the real estate investment trust’s stock after selling 183,632 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Agree Realty were worth $10,355,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC grew its holdings in shares of Agree Realty by 192.1% in the fourth quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 242 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in shares of Agree Realty in the third quarter worth $32,000. Creative Financial Designs Inc. ADV raised its holdings in Agree Realty by 71.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 192 shares during the last quarter. Clearstead Advisors LLC raised its holdings in Agree Realty by 163.8% during the 4th quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 285 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its position in Agree Realty by 178.6% during the 4th quarter. Capital Advisors Ltd. LLC now owns 546 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In related news, Chairman Richard Agree acquired 5,000 shares of the stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the acquisition, the chairman directly owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. This represents a 5.85% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joey Agree acquired 13,295 shares of the stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the acquisition, the chief executive officer directly owned 675,105 shares of the company’s stock, valued at $50,909,668.05. This trade represents a 2.01% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 19,045 shares of company stock worth $1,415,943 over the last 90 days. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ADC shares. Jefferies Financial Group assumed coverage on shares of Agree Realty in a report on Monday, June 1st. They issued a “buy” rating and a $84.00 price target on the stock. Morgan Stanley set a $81.00 target price on shares of Agree Realty in a report on Tuesday, April 21st. Robert W. Baird raised their target price on Agree Realty from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada raised their target price on Agree Realty from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Finally, Huntington assumed coverage on Agree Realty in a report on Wednesday, July 15th. They set an “outperform” rating and a $84.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.88.

Agree Realty Stock Performance

Shares of ADC stock opened at $80.16 on Thursday. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 2.67 and a beta of 0.47. The stock has a fifty day moving average of $75.89 and a 200 day moving average of $76.08. Agree Realty Corporation has a 52 week low of $69.56 and a 52 week high of $82.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The business had revenue of $211.49 million for the quarter, compared to the consensus estimate of $195.73 million. During the same period in the previous year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. As a group, research analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.267 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s payout ratio is presently 172.97%.

Agree Realty 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.