FJ Capital Management LLC increased its holdings in shares of Agree Realty Corporation (NYSE:ADC – Free Report) by 29.5% during the fourth quarter, HoldingsChannel reports. The fund owned 35,873 shares of the real estate investment trust’s stock after buying an additional 8,166 shares during the period. FJ Capital Management LLC’s holdings in Agree Realty were worth $2,584,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of ADC. Jane Street Group LLC grew its holdings 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 acquiring an additional 19,948 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Agree Realty by 158.9% during 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 period. Arrowstreet Capital Limited Partnership acquired a new position in Agree Realty during the second quarter worth $1,875,000. EverSource Wealth Advisors LLC grew its holdings in Agree Realty by 245.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 965 shares during the period. Finally, First Trust Advisors LP grew its holdings in Agree Realty by 46.8% during 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. Institutional investors and hedge funds own 97.83% of the company’s stock.
Agree Realty Stock Up 1.3%
ADC opened at $75.74 on Friday. The business’s fifty day moving average is $75.96 and its two-hundred day moving average is $75.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $9.10 billion, a price-to-earnings ratio of 40.94, a PEG ratio of 2.55 and a beta of 0.48. Agree Realty Corporation has a one year low of $69.56 and a one year high of $82.08.
Agree Realty Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.267 dividend. This represents a $1.07 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, June 30th. Agree Realty’s dividend payout ratio is currently 172.97%.
Insider Activity
In related news, Chairman Richard Agree acquired 5,000 shares of Agree Realty stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the transaction, the chairman directly owned 90,512 shares of the company’s stock, valued at $6,463,461.92. The trade was a 5.85% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joey Agree acquired 13,295 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the transaction, the chief executive officer directly owned 675,105 shares of the company’s stock, valued at approximately $50,909,668.05. This represents a 2.01% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 19,191 shares of company stock worth $1,426,994 over the last three months. 1.80% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the company. Jefferies Financial Group started coverage on Agree Realty in a report on Monday, June 1st. They set a “buy” rating and a $84.00 price objective on the stock. Truist Financial boosted their target price on Agree Realty from $79.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Raymond James Financial boosted their target price on Agree Realty from $84.00 to $90.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, March 17th. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $83.80.
Read Our Latest Stock Report on Agree Realty
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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