Dimensional Fund Advisors LP Has $133.50 Million Stock Holdings in Agree Realty Corporation $ADC

Dimensional Fund Advisors LP boosted its position in Agree Realty Corporation (NYSE:ADC) by 5.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,771,018 shares of the real estate investment trust’s stock after acquiring an additional 89,009 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Agree Realty were worth $133,498,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Agree Realty by 80.8% in the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock worth $309,266,000 after acquiring an additional 1,918,427 shares in the last quarter. Norges Bank acquired a new position in shares of Agree Realty during the fourth quarter worth approximately $116,114,000. Engineers Gate Manager LP raised its position in shares of Agree Realty by 3,043.2% during the fourth quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock worth $85,156,000 after purchasing an additional 1,144,617 shares during the period. JPMorgan Chase & Co. grew its position in Agree Realty by 41.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock valued at $204,813,000 after purchasing an additional 826,719 shares during the period. Finally, Cohen & Steers Inc. grew its position in Agree Realty by 4.8% in the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock valued at $1,015,324,000 after purchasing an additional 649,301 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Agree Realty

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

Agree Realty Trading Down 0.2%

Shares of Agree Realty stock opened at $80.46 on Tuesday. The company has a market capitalization of $9.66 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 2.68 and a beta of 0.47. The stock has a fifty day simple moving average of $76.21 and a 200 day simple moving average of $76.27. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Agree Realty Announces Dividend

The company 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 $0.267 dividend. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is presently 172.97%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Mizuho reduced their price objective on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Morgan Stanley set a $81.00 target price on shares of Agree Realty in a research report on Tuesday, April 21st. Barclays upped their target price on shares of Agree Realty from $84.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.88.

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.