Insider Buying: Agree Realty Co. (ADC) Insider Purchases 6,000 Shares of Stock

Share on StockTwits

Agree Realty Co. (NYSE:ADC) insider Richard Agree purchased 6,000 shares of Agree Realty stock in a transaction dated Thursday, September 6th. The stock was bought at an average price of $54.77 per share, with a total value of $328,620.00. Following the completion of the purchase, the insider now directly owns 417,966 shares of the company’s stock, valued at $22,891,997.82. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Shares of ADC traded down $0.10 on Friday, reaching $54.77. The company’s stock had a trading volume of 4,604 shares, compared to its average volume of 204,678. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 3.75 and a beta of 0.26. Agree Realty Co. has a 12-month low of $43.74 and a 12-month high of $57.49.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, July 23rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. Agree Realty had a net margin of 43.90% and a return on equity of 6.53%. The company had revenue of $35.71 million for the quarter, compared to the consensus estimate of $35.50 million. analysts predict 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 3.94%. The ex-dividend date of this dividend is Thursday, September 27th. Agree Realty’s dividend payout ratio is currently 79.41%.

A number of large investors have recently modified their holdings of the business. Teachers Insurance & Annuity Association of America lifted its holdings in Agree Realty by 2.5% during the second quarter. Teachers Insurance & Annuity Association of America now owns 39,666 shares of the real estate investment trust’s stock valued at $2,093,000 after purchasing an additional 967 shares in the last quarter. US Bancorp DE lifted its holdings in Agree Realty by 6.2% during the second quarter. US Bancorp DE now owns 16,725 shares of the real estate investment trust’s stock valued at $882,000 after purchasing an additional 983 shares in the last quarter. Glen Harbor Capital Management LLC lifted its holdings in Agree Realty by 14.4% during the second quarter. Glen Harbor Capital Management LLC now owns 7,820 shares of the real estate investment trust’s stock valued at $413,000 after purchasing an additional 986 shares in the last quarter. Mason Street Advisors LLC lifted its holdings in Agree Realty by 13.1% during the first quarter. Mason Street Advisors LLC now owns 8,598 shares of the real estate investment trust’s stock valued at $413,000 after purchasing an additional 999 shares in the last quarter. Finally, Profund Advisors LLC lifted its holdings in Agree Realty by 22.8% during the first quarter. Profund Advisors LLC now owns 5,431 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 1,008 shares in the last quarter. 96.31% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on ADC shares. Stifel Nicolaus raised their price objective on shares of Agree Realty from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. Wells Fargo & Co set a $63.00 price objective on shares of Agree Realty and gave the stock a “buy” rating in a report on Tuesday. ValuEngine downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Friday, June 1st. Finally, SunTrust Banks set a $57.00 price objective on shares of Agree Realty and gave the stock a “buy” rating in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Agree Realty presently has an average rating of “Buy” and a consensus target price of $56.63.

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.

Recommended Story: Diversification in Your Portfolio

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply