Hsbc Holdings PLC lifted its stake in shares of Agree Realty Corporation (NYSE:ADC – Free Report) by 23.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 365,065 shares of the real estate investment trust’s stock after acquiring an additional 69,372 shares during the quarter. Hsbc Holdings PLC owned about 0.30% of Agree Realty worth $27,565,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in Agree Realty by 80.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock worth $309,266,000 after purchasing an additional 1,918,427 shares during the last quarter. Norges Bank acquired a new position in Agree Realty during the fourth quarter valued at approximately $116,114,000. Engineers Gate Manager LP grew its holdings in Agree Realty by 3,043.2% during the fourth quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock valued at $85,156,000 after purchasing an additional 1,144,617 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 41.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock valued at $204,813,000 after purchasing an additional 826,719 shares during the period. Finally, Cohen & Steers Inc. raised its position in shares of Agree Realty by 4.8% in the fourth quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock valued at $1,015,324,000 after purchasing an additional 649,301 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.
Agree Realty Stock Down 0.4%
ADC opened at $80.23 on Wednesday. Agree Realty Corporation has a 1-year low of $69.56 and a 1-year high of $82.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $9.64 billion, a price-to-earnings ratio of 43.37, a P/E/G ratio of 2.68 and a beta of 0.47. The business has a 50 day moving average of $75.80 and a 200-day moving average of $76.02.
Agree Realty Dividend Announcement
The business also recently declared a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.267 dividend. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, July 31st. Agree Realty’s dividend payout ratio (DPR) is currently 172.97%.
Analyst Ratings Changes
Several research firms recently issued reports on ADC. Jefferies Financial Group started coverage on shares of Agree Realty in a report on Monday, June 1st. They set a “buy” rating and a $84.00 price objective for the company. Wall Street Zen upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday. BMO Capital Markets lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price for the company. in a research report on Friday, April 17th. Mizuho decreased their price target on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Finally, Citigroup raised their price target on Agree Realty from $77.00 to $82.50 and gave the company a “neutral” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.81.
View Our Latest Stock Analysis on ADC
Insiders Place Their Bets
In related news, Director Greg Lehmkuhl acquired 750 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of $75.09 per share, with a total value of $56,317.50. Following the completion of the transaction, the director owned 34,465 shares of the company’s stock, valued at approximately $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree bought 13,295 shares of Agree Realty stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the purchase, the chief executive officer owned 675,105 shares of the company’s stock, valued at $50,909,668.05. This trade represents a 2.01% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 19,045 shares of company stock worth $1,415,943 in the last ninety days. Insiders own 1.80% of the company’s stock.
Agree Realty Company 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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