Lasalle Investment Management Securities LLC Purchases 45,195 Shares of Agree Realty Corporation $ADC

Key Points

• Lasalle Investment Management Securities LLC increased its stake in Agree Realty by 6.7% in the first quarter, buying 45,195 additional shares and bringing its total holdings to 719,719 shares valued at about $54.3 million.
• Agree Realty reported better-than-expected quarterly results, with earnings of $0.50 per share versus the $0.47 consensus and revenue of $211.49 million, up 18.7% from a year earlier.
• The REIT also declared a monthly dividend of $0.267 per share, implying an annualized yield of 4.0%, while analysts currently rate the stock a “Moderate Buy” with an average price target of $83.88.

Lasalle Investment Management Securities LLC lifted its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 719,719 shares of the real estate investment trust's stock after buying an additional 45,195 shares during the period. Agree Realty comprises 2.1% of Lasalle Investment Management Securities LLC's investment portfolio, making the stock its 19th largest position. Lasalle Investment Management Securities LLC owned 0.60% of Agree Realty worth $54,252,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Agree Realty by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock worth $1,133,114,000 after buying an additional 84,568 shares in the last quarter. Cohen & Steers Inc. raised its stake in shares of Agree Realty by 4.8% during the fourth quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust's stock worth $1,015,324,000 after acquiring an additional 649,301 shares in the last quarter. State Street Corp lifted its holdings in shares of Agree Realty by 1.6% in the 4th quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust's stock worth $425,350,000 after acquiring an additional 91,766 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Agree Realty by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust's stock worth $341,180,000 after acquiring an additional 232,532 shares during the last quarter. Finally, Centersquare Investment Management LLC lifted its holdings in shares of Agree Realty by 13.9% in the 4th quarter. Centersquare Investment Management LLC now owns 3,299,172 shares of the real estate investment trust's stock worth $237,639,000 after acquiring an additional 402,943 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

Shares of ADC stock opened at $80.16 on Thursday. 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 Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08. The stock has a 50 day moving average price of $75.89 and a two-hundred day moving average price of $76.08. The company has a market capitalization of $9.63 billion, a P/E ratio of 43.33, a PEG ratio of 2.67 and a beta of 0.47.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The firm had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The business's quarterly revenue was up 18.7% compared to the same quarter last year. Analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.267 per share. 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%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Agree Realty in a report on Thursday, July 2nd. Royal Bank Of Canada lifted their target price on shares of Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Morgan Stanley set a $81.00 price target on shares of Agree Realty in a research note on Tuesday, April 21st. Jefferies Financial Group assumed coverage on shares of Agree Realty in a research report on Monday, June 1st. They set a "buy" rating and a $84.00 price target for the company. Finally, BMO Capital Markets cut Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 price objective on the stock. in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and an average target price of $83.88.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl acquired 750 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $75.09 per share, for a total transaction of $56,317.50. Following the completion of the transaction, the director owned 34,465 shares of the company's stock, valued at $2,587,976.85. The trade was a 2.22% 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, CEO Joey Agree acquired 13,295 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the transaction, the chief executive officer directly owned 675,105 shares of the company's stock, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 19,045 shares of company stock valued at $1,415,943 in the last quarter. Company insiders own 1.80% of the company's stock.

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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