New York State Common Retirement Fund grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 18.2% in the 1st quarter, HoldingsChannel reports. The fund owned 35,000 shares of the real estate investment trust’s stock after buying an additional 5,400 shares during the period. New York State Common Retirement Fund’s holdings in Agree Realty were worth $2,427,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ADC. Bank of Montreal Can grew its stake in shares of Agree Realty by 24.4% during the 4th quarter. Bank of Montreal Can now owns 6,304 shares of the real estate investment trust’s stock valued at $373,000 after purchasing an additional 1,236 shares during the period. IFP Advisors Inc lifted its stake in shares of Agree Realty by 33.8% during the 4th quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 169 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Agree Realty by 6.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 8,467 shares of the real estate investment trust’s stock worth $501,000 after purchasing an additional 514 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in shares of Agree Realty by 29.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 7,463 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 1,720 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Agree Realty by 24.6% in the fourth quarter. Rhumbline Advisers now owns 127,541 shares of the real estate investment trust’s stock valued at $7,540,000 after buying an additional 25,221 shares during the last quarter. 97.69% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently commented on ADC shares. Wells Fargo & Co raised their target price on Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, March 18th. They noted that the move was a valuation call. Raymond James raised their target price on Agree Realty from $68.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Monday, March 4th. Finally, Citigroup lifted their price objective on Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 27th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $66.33.
In other Agree Realty news, Director Craig Erlich purchased 750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were bought at an average price of $67.47 per share, with a total value of $50,602.50. Following the completion of the acquisition, the director now owns 13,023 shares in the company, valued at approximately $878,661.81. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Farris G. Kalil sold 701 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $69.49, for a total transaction of $48,712.49. Following the transaction, the director now owns 9,034 shares in the company, valued at approximately $627,772.66. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.
NYSE ADC opened at $66.99 on Thursday. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 3.71 and a beta of 0.13. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75. Agree Realty Co. has a 12-month low of $50.72 and a 12-month high of $70.25.
Agree Realty (NYSE:ADC) last posted its earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.26). Agree Realty had a net margin of 38.49% and a return on equity of 5.33%. The company had revenue of $42.35 million during the quarter, compared to analysts’ expectations of $43.77 million. As a group, equities research analysts forecast that Agree Realty Co. will post 3.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.57 dividend. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, June 27th. Agree Realty’s dividend payout ratio (DPR) is 77.89%.
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About Agree Realty
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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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