Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Agree Realty Corporation $ADC

Key Points

• Healthcare of Ontario Pension Plan Trust Fund acquired 98,000 shares of Agree Realty in the first quarter, worth approximately $7.4 million and representing 0.08% of the REIT. Institutional investors collectively own 97.83% of the company.
• Agree Realty’s shares opened at $80.38, near their 52-week high of $82.08. The company declared a monthly dividend of $0.267 per share, equating to an approximately 4.0% annualized yield.
• Analyst sentiment remains generally positive, with an overall “Moderate Buy” rating and an average price target of $83.88; insiders also purchased 19,045 shares worth about $1.4 million over the last quarter.

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 98,000 shares of the real estate investment trust's stock, valued at approximately $7,387,000. Healthcare of Ontario Pension Plan Trust Fund owned about 0.08% of Agree Realty as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC boosted its position in shares of Agree Realty by 192.1% in the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust's stock worth $27,000 after buying an additional 242 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in Agree Realty during the third quarter worth about $32,000. Clearstead Advisors LLC lifted its holdings in shares of Agree Realty by 163.8% in the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust's stock valued at $33,000 after purchasing an additional 285 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Agree Realty by 71.1% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust's stock valued at $33,000 after purchasing an additional 192 shares in the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in shares of Agree Realty by 178.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 546 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

Shares of ADC opened at $80.38 on Thursday. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The company's 50 day simple moving average is $76.42 and its 200 day simple moving average is $76.41. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 43.45, a PEG ratio of 2.70 and a beta of 0.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Agree Realty Announces Dividend

The firm also recently declared 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. 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, Chairman Richard Agree acquired 5,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was acquired at an average price of $71.41 per share, with a total value of $357,050.00. Following the completion of the transaction, the chairman directly owned 90,512 shares in the company, valued at approximately $6,463,461.92. This trade represents a 5.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greg Lehmkuhl acquired 750 shares of the 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 transaction, the director owned 34,465 shares of the company's stock, valued at approximately $2,587,976.85. This trade represents a 2.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 19,045 shares of company stock worth $1,415,943 over the last quarter. 1.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Agree Realty from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. BMO Capital Markets downgraded Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 price target for the company. in a research report on Friday, April 17th. Huntington started coverage on Agree Realty in a report on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 price target for the company. Finally, Jefferies Financial Group began coverage on Agree Realty in a research report on Monday, June 1st. They issued a "buy" rating and a $84.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and an average price target of $83.88.

Agree Realty Profile

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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