VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Agree Realty Corporation (NYSE:ADC – Free Report) in the second quarter, Holdings Channel reports. The institutional investor bought 131,142 shares of the real estate investment trust’s stock, valued at approximately $9,933,000.
Other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC grew its holdings in shares of Agree Realty by 192.1% during the fourth 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 during the last quarter. Wiser Advisor Group LLC acquired a new stake in Agree Realty during the 3rd quarter worth approximately $32,000. Clearstead Advisors LLC lifted its position in Agree Realty by 163.8% during the 4th quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 285 shares during the period. Creative Financial Designs Inc. ADV grew its stake in shares of Agree Realty by 71.1% in the 4th 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 during the last quarter. Finally, Transamerica Financial Advisors LLC grew its stake in shares of Agree Realty by 214.4% in the 4th quarter. Transamerica Financial Advisors LLC now owns 547 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.
Agree Realty Stock Up 0.3%
ADC opened at $72.87 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08. The stock has a market capitalization of $9.06 billion, a P/E ratio of 39.18, a P/E/G ratio of 2.37 and a beta of 0.46. The business has a 50 day simple moving average of $76.37 and a 200-day simple moving average of $76.54.
Agree Realty Dividend Announcement
The business also recently declared a monthly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.267 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. Agree Realty’s dividend payout ratio is 172.04%.
Insider Activity
In related news, Director John Rakolta, Jr. purchased 20,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was acquired at an average price of $73.23 per share, for a total transaction of $1,464,600.00. Following the acquisition, the director directly owned 622,061 shares of the company’s stock, valued at $45,553,527.03. This trade represents a 3.32% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Several equities research analysts have recently commented on the company. Robert W. Baird set a $83.00 price target on Agree Realty in a research note on Friday, July 31st. Huntington began coverage on shares of Agree Realty in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $84.00 price objective on the stock. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Barclays raised their target price on shares of Agree Realty from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Finally, Mizuho lowered their target price on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.94.
Read Our Latest Stock Analysis on ADC
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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