Edgestream Partners L.P. Acquires Shares of 143,314 Agree Realty Corporation $ADC

Key Points

• Edgestream Partners L.P. acquired 143,314 shares of Agree Realty, valued at approximately $10.8 million, while institutional investors collectively own 97.83% of the REIT.
• Analysts maintain a generally positive outlook, with Agree Realty receiving a “Moderate Buy” consensus rating and an average price target of $83.88 versus its recent price near $80.38.
• Agree Realty declared a monthly dividend of $0.267 per share, representing an annualized yield of about 4.0%; company insiders also purchased 19,045 shares worth roughly $1.4 million over the past three months.

Edgestream Partners L.P. bought a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 143,314 shares of the real estate investment trust's stock, valued at approximately $10,803,000. Edgestream Partners L.P. owned about 0.12% of Agree Realty at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Jane Street Group LLC boosted its stake in Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust's stock valued at $2,112,000 after buying an additional 19,948 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust's stock worth $42,000 after acquiring an additional 356 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Agree Realty in the second quarter worth about $1,875,000. EverSource Wealth Advisors LLC boosted its stake in shares of Agree Realty by 245.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust's stock valued at $99,000 after purchasing an additional 965 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Agree Realty by 46.8% in the 2nd quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust's stock valued at $5,421,000 after purchasing an additional 23,662 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ADC shares. Robert W. Baird upped their price target 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. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. 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 on the stock. BMO Capital Markets cut Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 target price for the company. in a report on Friday, April 17th. Finally, Mizuho dropped their target price on Agree Realty from $86.00 to $80.00 and set a "neutral" rating for the company in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $83.88.

Agree Realty Trading Down 0.9%

NYSE ADC opened at $80.38 on Thursday. The firm has a market capitalization of $9.65 billion, a PE ratio of 43.45, a price-to-earnings-growth ratio of 2.70 and a beta of 0.47. The business's 50-day moving average price is $76.42 and its two-hundred day moving average price is $76.41. 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.

Agree Realty Announces Dividend

The company also recently disclosed 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. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, July 31st. Agree Realty's dividend payout ratio is currently 172.97%.

Insider Transactions at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 13,295 shares of the company's stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the purchase, the chief executive officer owned 675,105 shares in the company, valued at $50,909,668.05. This represents a 2.01% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Agree bought 5,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The shares were bought at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the transaction, the chairman directly owned 90,512 shares in the company, valued at $6,463,461.92. This trade represents a 5.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 19,045 shares of company stock worth $1,415,943 over the last three months. 1.80% of the stock is owned by company insiders.

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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