Agree Realty Co. (ADC) Shares Sold by Martingale Asset Management L P

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Martingale Asset Management L P lowered its holdings in shares of Agree Realty Co. (NYSE:ADC) by 34.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,000 shares of the real estate investment trust’s stock after selling 3,200 shares during the quarter. Martingale Asset Management L P’s holdings in Agree Realty were worth $317,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ADC. Principal Financial Group Inc. grew its position in shares of Agree Realty by 46.5% during the first quarter. Principal Financial Group Inc. now owns 1,351,388 shares of the real estate investment trust’s stock worth $64,922,000 after purchasing an additional 429,009 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $12,246,000. Uniplan Investment Counsel Inc. grew its position in shares of Agree Realty by 54.9% during the first quarter. Uniplan Investment Counsel Inc. now owns 642,200 shares of the real estate investment trust’s stock worth $30,825,000 after purchasing an additional 227,737 shares in the last quarter. BlackRock Inc. grew its position in shares of Agree Realty by 4.7% during the first quarter. BlackRock Inc. now owns 4,484,842 shares of the real estate investment trust’s stock worth $215,452,000 after purchasing an additional 203,032 shares in the last quarter. Finally, Citadel Advisors LLC grew its position in shares of Agree Realty by 60.4% during the first quarter. Citadel Advisors LLC now owns 486,771 shares of the real estate investment trust’s stock worth $23,384,000 after purchasing an additional 183,268 shares in the last quarter. Hedge funds and other institutional investors own 96.31% of the company’s stock.

Several research firms recently issued reports on ADC. Stifel Nicolaus increased their target price on Agree Realty from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday. Finally, SunTrust Banks set a $57.00 target price on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $56.63.

NYSE ADC opened at $54.38 on Thursday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 3.94 and a beta of 0.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.03 and a quick ratio of 1.03. Agree Realty Co. has a 1-year low of $43.74 and a 1-year high of $57.49.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.06. The business had revenue of $35.71 million during the quarter, compared to analysts’ expectations of $35.50 million. Agree Realty had a return on equity of 6.53% and a net margin of 43.90%. research analysts forecast that Agree Realty Co. will post 2.9 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Thursday, September 27th. Agree Realty’s dividend payout ratio is presently 79.41%.

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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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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