Sei Investments Co. Increases Holdings in Agree Realty Corporation $ADC

Key Points

• Sei Investments Co. increased its stake in Agree Realty by 27.2% in the first quarter, buying an additional 225,138 shares and bringing its total holding to 1,051,454 shares worth about $79.3 million.
• Several other institutional investors also expanded their positions, and overall 97.83% of Agree Realty’s stock is owned by hedge funds and other institutions. That suggests strong institutional interest in the REIT.
• Analysts remain broadly constructive, with a Moderate Buy consensus and an average price target of $83.88. The company also reported earnings above expectations and announced a monthly dividend of $0.267 per share, implying a 4.0% yield.

Sei Investments Co. boosted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 27.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,051,454 shares of the real estate investment trust's stock after buying an additional 225,138 shares during the period. Sei Investments Co. owned 0.88% of Agree Realty worth $79,259,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Jane Street Group LLC increased its position in Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust's stock worth $2,112,000 after purchasing an additional 19,948 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Agree Realty by 158.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 356 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Agree Realty in the second quarter valued at approximately $1,875,000. EverSource Wealth Advisors LLC lifted its holdings in Agree Realty by 245.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust's stock valued at $99,000 after acquiring an additional 965 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Agree Realty by 46.8% in the second quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust's stock worth $5,421,000 after acquiring an additional 23,662 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. BMO Capital Markets downgraded Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 target price on the stock. in a research report on Friday, April 17th. Jefferies Financial Group began coverage on Agree Realty in a report on Monday, June 1st. They set a "buy" rating and a $84.00 price target for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Agree Realty in a research report on Thursday, July 2nd. Royal Bank Of Canada raised their price objective 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, Huntington started coverage on shares of Agree Realty in a research report on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.88.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree acquired 13,295 shares of the stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price 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 trade represents a 2.01% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Greg Lehmkuhl bought 750 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the completion of the purchase, the director owned 34,465 shares in the company, valued at $2,587,976.85. This trade represents a 2.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 19,045 shares of company stock valued at $1,415,943. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Up 1.3%

Shares of NYSE ADC opened at $80.81 on Friday. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 2.65 and a beta of 0.47. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 52-week low of $69.56 and a 52-week high of $82.08. The business's 50 day moving average is $76.11 and its two-hundred day moving average is $76.16.

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 EPS for the quarter, topping 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 company had revenue of $211.49 million for the quarter, compared to analysts' expectations of $195.73 million. During the same period in the prior year, the firm earned $0.42 earnings per share. The firm's revenue was up 18.7% compared to the same quarter last year. Research analysts predict that Agree Realty Corporation will post 4.45 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $0.267 dividend. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, July 31st. Agree Realty's payout ratio is currently 172.97%.

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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