William Blair Investment Management LLC reduced its position in Agree Realty Co. (NYSE:ADC) by 29.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,045 shares of the real estate investment trust’s stock after selling 45,892 shares during the quarter. William Blair Investment Management LLC owned approximately 0.26% of Agree Realty worth $7,792,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in Agree Realty by 28.0% in the fourth quarter. SG Americas Securities LLC now owns 7,927 shares of the real estate investment trust’s stock worth $556,000 after purchasing an additional 1,736 shares during the period. State Street Corp lifted its holdings in Agree Realty by 11.4% in the third quarter. State Street Corp now owns 1,750,982 shares of the real estate investment trust’s stock worth $129,074,000 after acquiring an additional 179,324 shares during the last quarter. Squarepoint Ops LLC bought a new position in Agree Realty in the third quarter worth about $1,133,000. Metropolitan Life Insurance Co NY lifted its holdings in Agree Realty by 19.3% in the third quarter. Metropolitan Life Insurance Co NY now owns 15,012 shares of the real estate investment trust’s stock worth $1,098,000 after acquiring an additional 2,429 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in Agree Realty by 70.6% in the third quarter. California Public Employees Retirement System now owns 82,546 shares of the real estate investment trust’s stock valued at $6,038,000 after acquiring an additional 34,161 shares during the period.
A number of research analysts recently issued reports on the company. Zacks Investment Research lowered Agree Realty from a “buy” rating to a “hold” rating in a research report on Thursday, January 9th. Citigroup cut shares of Agree Realty from a “buy” rating to a “neutral” rating in a report on Friday, December 13th. Capital One Financial assumed coverage on shares of Agree Realty in a research report on Thursday, December 5th. They issued an “overweight” rating and a $82.00 price objective on the stock. Finally, Robert W. Baird boosted their target price on shares of Agree Realty from $79.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $82.33.
Shares of NYSE:ADC traded down $5.50 on Thursday, hitting $67.05. The company’s stock had a trading volume of 25,108 shares, compared to its average volume of 520,481. Agree Realty Co. has a 12 month low of $62.58 and a 12 month high of $80.51. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 34.38, a price-to-earnings-growth ratio of 3.37 and a beta of 0.13. The stock’s 50-day moving average is $76.04 and its two-hundred day moving average is $73.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.57.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Friday, March 27th will be paid a dividend of $0.585 per share. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Thursday, March 26th. Agree Realty’s dividend payout ratio is currently 75.97%.
In related news, Director Simon Leopold acquired 1,000 shares of Agree Realty stock in a transaction that occurred on Monday, March 9th. The stock was acquired at an average price of $72.60 per share, with a total value of $72,600.00. Following the completion of the acquisition, the director now directly owns 2,762 shares of the company’s stock, valued at approximately $200,521.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company’s stock.
Agree Realty Profile
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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