677,438 Shares in Agree Realty Corporation $ADC Purchased by Rush Island Management LP

Key Points

• Rush Island Management LP purchased 677,438 Agree Realty shares worth approximately $51.1 million, giving it a 0.56% stake and making ADC its 11th-largest portfolio holding.
• Institutional investors and hedge funds own 97.83% of Agree Realty, while insiders have purchased 19,045 shares worth about $1.4 million over the past three months.
• Agree Realty recently declared a monthly dividend of $0.267 per share, representing a 3.9% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $83.88, compared with the stock’s reported price of $81.24.

Rush Island Management LP purchased a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 677,438 shares of the real estate investment trust's stock, valued at approximately $51,065,000. Agree Realty comprises 3.4% of Rush Island Management LP's investment portfolio, making the stock its 11th largest position. Rush Island Management LP owned about 0.56% of Agree Realty at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ADC. The Manufacturers Life Insurance Company raised its position in shares of Agree Realty by 3.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 90,835 shares of the real estate investment trust's stock valued at $6,847,000 after purchasing an additional 2,662 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of Agree Realty by 92.5% during the first quarter. Quantinno Capital Management LP now owns 120,322 shares of the real estate investment trust's stock worth $9,070,000 after buying an additional 57,829 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Agree Realty by 4.7% in the first quarter. Lazard Asset Management LLC now owns 19,615 shares of the real estate investment trust's stock worth $1,479,000 after buying an additional 880 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new stake in shares of Agree Realty in the first quarter worth $320,000. Finally, Entropy Technologies LP raised its holdings in Agree Realty by 100.8% in the first quarter. Entropy Technologies LP now owns 59,562 shares of the real estate investment trust's stock valued at $4,490,000 after acquiring an additional 29,899 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Performance

ADC stock opened at $81.24 on Wednesday. The stock's 50 day simple moving average is $76.32 and its 200 day simple moving average is $76.34. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The firm has a market cap of $9.76 billion, a P/E ratio of 43.91, a P/E/G ratio of 2.67 and a beta of 0.47. 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 firm also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.267 per share. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a yield of 3.9%. Agree Realty's payout ratio is presently 172.97%.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $75.09 per share, with a total value of $56,317.50. Following the acquisition, the director owned 34,465 shares of the company's stock, valued at approximately $2,587,976.85. This represents a 2.22% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard Agree acquired 5,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $71.41 per share, with a total value of $357,050.00. Following the transaction, the chairman owned 90,512 shares in the company, valued at approximately $6,463,461.92. The trade was a 5.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 19,045 shares of company stock valued at $1,415,943. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 22nd. Robert W. Baird boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Royal Bank Of Canada upped their target price on shares of Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, Morgan Stanley set a $81.00 price target on Agree Realty in a research note on Tuesday, April 21st. One research 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.88.

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.

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