301,273 Shares in Agree Realty Corporation $ADC Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments opened a position in Agree Realty, buying 301,273 shares valued at about $19.6 million, or 0.23% of the REIT. Institutional investors collectively own 97.83% of its shares.
• Agree Realty reported quarterly EPS of $1.15, above the $0.47 consensus estimate, while revenue rose 16.7% year over year to $213.88 million.
• Analysts give the stock a Moderate Buy consensus rating and an average price target of $79.85. The company also announced a monthly dividend of $0.271 per share, an annualized yield of about 4.7%.

Allspring Global Investments Holdings LLC acquired a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 301,273 shares of the real estate investment trust's stock, valued at approximately $19,592,000. Allspring Global Investments Holdings LLC owned 0.23% of Agree Realty at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADC. BlackRock Inc. purchased a new stake in shares of Agree Realty during the 2nd quarter worth about $1,447,551,000. Dimensional Fund Advisors LP increased its position in shares of Agree Realty by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,771,018 shares of the real estate investment trust's stock valued at $133,498,000 after buying an additional 89,009 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Agree Realty in the second quarter valued at approximately $130,921,000. Deutsche Bank AG purchased a new stake in shares of Agree Realty in the second quarter valued at approximately $104,747,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $92,533,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ADC shares. Stifel Nicolaus decreased their target price on Agree Realty from $81.50 to $76.50 and set a "buy" rating on the stock in a research report on Wednesday, October 21st. KeyCorp cut their price target on shares of Agree Realty from $82.00 to $76.00 and set an "overweight" rating for the company in a report on Tuesday, October 27th. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Saturday, October 24th. Weiss Ratings downgraded shares of Agree Realty from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, October 20th. Finally, Citigroup dropped their target price on shares of Agree Realty from $82.50 to $72.00 and set a "neutral" rating on the stock in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $79.85.

Agree Realty Price Performance

NYSE:ADC opened at $69.23 on Friday. Agree Realty Corporation has a one year low of $64.34 and a one year high of $82.08. The stock has a market cap of $9.01 billion, a PE ratio of 15.22, a P/E/G ratio of 3.06 and a beta of 0.40. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average price of $67.94 and a 200 day moving average price of $74.33.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.68. Agree Realty had a return on equity of 4.00% and a net margin of 29.75%. The business had revenue of $213.88 million during the quarter, compared to the consensus estimate of $211.52 million. During the same period last year, the company earned $1.10 EPS. The company's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts expect that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, December 14th. Investors of record on Monday, November 30th will be paid a dividend of $0.2710 per share. This represents a $3.25 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, November 30th. Agree Realty's dividend payout ratio is presently 167.53%.

Insider Buying and Selling

In other Agree Realty news, insider Craig Erlich purchased 1,000 shares of the company's stock in a transaction on Monday, September 21st. The stock was acquired at an average price of $67.55 per share, for a total transaction of $67,550.00. Following the completion of the purchase, the insider directly owned 60,388 shares in the company, valued at approximately $4,079,209.40. The trade was a 1.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. acquired 20,000 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was bought at an average price of $68.78 per share, with a total value of $1,375,600.00. Following the purchase, the director directly owned 654,602 shares in the company, valued at approximately $45,023,525.56. This trade represents a 3.15% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 48,496 shares of company stock valued at $3,418,670 in the last ninety days. Company insiders own 1.80% of the company's stock.

Agree Realty Profile

Agree Realty Corporation is a real estate investment trust (REIT) focused on acquiring, developing and managing net-leased properties, primarily occupied by retail businesses. Its portfolio includes freestanding stores and other properties leased to national and regional retailers. Under net leases, tenants generally assume responsibility for property expenses such as taxes, insurance and maintenance, while Agree Realty owns the real estate and collects rent. The company's properties are located across the United States.

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