Agree Realty Corporation $ADC Shares Acquired by Asset Management One Co. Ltd.

Key Points

• Asset Management One increased its Agree Realty stake by 9.6% in the third quarter, bringing its holdings to 220,629 shares valued at approximately $14.7 million. Institutional investors collectively own 97.83% of the REIT.
• Agree Realty reported quarterly EPS of $1.15, well above the $0.47 consensus estimate, while revenue rose 16.7% year over year to $213.88 million. The company also raised its monthly dividend to $0.271 per share, implying a 4.9% annual yield.
• Shares opened at $67.00, near the lower end of their 12-month range, as several analysts reduced price targets; however, the stock retained a “Moderate Buy” consensus rating with an average target of $79.85. Insiders purchased 48,496 shares worth about $3.4 million over the past 90 days.

Asset Management One Co. Ltd. increased its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 9.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 220,629 shares of the real estate investment trust's stock after buying an additional 19,252 shares during the period. Asset Management One Co. Ltd. owned 0.17% of Agree Realty worth $14,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC increased its position in Agree Realty by 3.0% during the 3rd quarter. Signaturefd LLC now owns 13,371 shares of the real estate investment trust's stock worth $893,000 after purchasing an additional 389 shares in the last quarter. James Investment Research Inc. grew its position in Agree Realty by 41.4% in the 3rd quarter. James Investment Research Inc. now owns 18,821 shares of the real estate investment trust's stock worth $1,257,000 after purchasing an additional 5,511 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of Agree Realty by 15.4% in the 3rd quarter. Inspire Investing LLC now owns 6,848 shares of the real estate investment trust's stock worth $458,000 after buying an additional 916 shares during the last quarter. Lmcg Investments LLC lifted its position in shares of Agree Realty by 1.1% during the 3rd quarter. Lmcg Investments LLC now owns 153,668 shares of the real estate investment trust's stock valued at $10,267,000 after buying an additional 1,623 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Agree Realty by 13.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,808 shares of the real estate investment trust's stock valued at $655,000 after acquiring an additional 1,172 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Trading Down 0.9%

ADC opened at $67.00 on Friday. The business has a fifty day moving average price of $68.69 and a 200 day moving average price of $74.48. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.01 and a quick ratio of 1.01. Agree Realty Corporation has a 12 month low of $64.34 and a 12 month high of $82.08. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 3.00 and a beta of 0.42.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly 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. The company had revenue of $213.88 million during the quarter, compared to the consensus estimate of $211.52 million. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.10 earnings per share. Sell-side analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a dividend of $0.2710 per share. The ex-dividend date is Friday, October 30th. This represents a $3.25 annualized dividend and a yield of 4.9%. This is an increase from Agree Realty's previous monthly dividend of $0.2670. Agree Realty's dividend payout ratio (DPR) is 164.95%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ADC shares. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $76.50 and set a "buy" rating on the stock in a research note on Wednesday, October 21st. KeyCorp reduced their target price on Agree Realty from $82.00 to $76.00 and set an "overweight" rating for the company in a report on Tuesday. Barclays cut their price target on Agree Realty from $85.00 to $76.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 20th. Weiss Ratings downgraded shares of Agree Realty from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, October 20th. Finally, Robert W. Baird decreased their target price on Agree Realty from $77.00 to $76.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $79.85.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree purchased 7,360 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were acquired at an average price of $68.06 per share, for a total transaction of $500,921.60. Following the acquisition, the chief executive officer directly owned 682,465 shares in the company, valued at approximately $46,448,567.90. The trade was a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Rakolta, Jr. purchased 20,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The stock was bought at an average cost of $68.78 per share, with a total value of $1,375,600.00. Following the completion of the acquisition, the director owned 654,602 shares of the company's stock, valued at approximately $45,023,525.56. The trade was a 3.15% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 48,496 shares of company stock worth $3,418,670. Corporate insiders own 1.80% of the company's stock.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.

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