Quantitative Systematic Strategies LLC lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 28.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,679 shares of the real estate investment trust’s stock after buying an additional 2,810 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Agree Realty were worth $669,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ADC. Principal Financial Group Inc. raised its stake in shares of Agree Realty by 46.5% during the 1st quarter. Principal Financial Group Inc. now owns 1,351,388 shares of the real estate investment trust’s stock worth $64,922,000 after buying an additional 429,009 shares during the period. Millennium Management LLC acquired a new position in Agree Realty in the 1st quarter valued at $12,246,000. Uniplan Investment Counsel Inc. raised its stake in Agree Realty by 54.9% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 642,200 shares of the real estate investment trust’s stock valued at $30,825,000 after purchasing an additional 227,737 shares during the last quarter. BlackRock Inc. raised its stake in Agree Realty by 4.7% in the 1st quarter. BlackRock Inc. now owns 4,484,842 shares of the real estate investment trust’s stock valued at $215,452,000 after purchasing an additional 203,032 shares during the last quarter. Finally, Citadel Advisors LLC raised its stake in Agree Realty by 60.4% in the 1st quarter. Citadel Advisors LLC now owns 486,771 shares of the real estate investment trust’s stock valued at $23,384,000 after purchasing an additional 183,268 shares during the last quarter. 96.31% of the stock is owned by institutional investors and hedge funds.
NYSE ADC opened at $56.30 on Wednesday. Agree Realty Co. has a one year low of $43.74 and a one year high of $56.30. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $1.63 billion, a P/E ratio of 20.70, a PEG ratio of 3.86 and a beta of 0.33.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, July 23rd. The real estate investment trust reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.06. Agree Realty had a return on equity of 6.53% and a net margin of 43.90%. The firm had revenue of $35.71 million during the quarter, compared to the consensus estimate of $35.50 million. sell-side analysts forecast that Agree Realty Co. will post 2.9 earnings per share for the current year.
ADC has been the subject of several recent research reports. ValuEngine downgraded Agree Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus increased their price objective on Agree Realty from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, SunTrust Banks set a $57.00 price objective on Agree Realty and gave the company a “buy” rating in a research note on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.75.
Agree Realty Company 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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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