California Public Employees Retirement System lessened its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 276,624 shares of the real estate investment trust's stock after selling 23,684 shares during the period. California Public Employees Retirement System owned about 0.23% of Agree Realty worth $20,852,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in ADC. Brummer Multi Strategy AB bought a new position in Agree Realty during the first quarter worth $6,568,000. State of Michigan Retirement System increased its stake in Agree Realty by 6.3% during the first quarter. State of Michigan Retirement System now owns 28,800 shares of the real estate investment trust's stock valued at $2,171,000 after purchasing an additional 1,700 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Agree Realty by 5.4% during the first quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust's stock worth $341,180,000 after purchasing an additional 232,532 shares during the period. Procyon Advisors LLC acquired a new stake in shares of Agree Realty during the first quarter worth $298,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Agree Realty by 24.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 81,446 shares of the real estate investment trust's stock valued at $6,139,000 after buying an additional 15,747 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on ADC. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Agree Realty in a research report on Thursday, July 2nd. Robert W. Baird lifted their target price on Agree Realty from $80.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Royal Bank Of Canada increased their price target on Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Finally, Jefferies Financial Group started coverage on Agree Realty in a research report on Monday, June 1st. They set a "buy" rating and a $84.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $83.88.
Check Out Our Latest Research Report on ADC
Agree Realty Stock Performance
Shares of NYSE ADC opened at $80.16 on Thursday. 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 Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The stock has a 50 day simple moving average of $75.89 and a 200-day simple moving average of $76.08. The company has a market cap of $9.63 billion, a PE ratio of 43.33, a P/E/G ratio of 2.67 and a beta of 0.47.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $211.49 million during the quarter, compared to analysts' expectations of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The company's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. On average, equities research analysts forecast that Agree Realty Corporation will post 4.45 EPS for the current year.
Agree Realty Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.267 dividend. This represents a c) dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, July 31st. Agree Realty's dividend payout ratio is currently 172.97%.
Insider Buying and Selling at Agree Realty
In related news, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $75.09 per share, with a total value of $56,317.50. Following the purchase, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. The trade was a 2.22% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree acquired 5,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $71.41 per share, with a total value 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 ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 19,045 shares of company stock valued at $1,415,943. Company insiders own 1.80% of the company's stock.
Agree Realty Company Profile
(
Free Report)
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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