Teachers Insurance & Annuity Association of America boosted its position in Agree Realty Co. (NYSE:ADC) by 150.7% in the second quarter, HoldingsChannel reports. The firm owned 77,709 shares of the real estate investment trust’s stock after buying an additional 46,712 shares during the quarter. Teachers Insurance & Annuity Association of America’s holdings in Agree Realty were worth $4,977,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of ADC. BlackRock Inc. raised its stake in shares of Agree Realty by 5.2% during the 1st quarter. BlackRock Inc. now owns 6,062,151 shares of the real estate investment trust’s stock worth $420,349,000 after purchasing an additional 298,272 shares during the period. Principal Financial Group Inc. raised its position in Agree Realty by 1.5% in the first quarter. Principal Financial Group Inc. now owns 1,537,863 shares of the real estate investment trust’s stock worth $106,635,000 after acquiring an additional 22,990 shares during the period. Northern Trust Corp boosted its stake in Agree Realty by 4.2% in the second quarter. Northern Trust Corp now owns 974,733 shares of the real estate investment trust’s stock valued at $62,431,000 after acquiring an additional 39,212 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Agree Realty by 16.3% in the second quarter. Russell Investments Group Ltd. now owns 538,138 shares of the real estate investment trust’s stock valued at $34,426,000 after acquiring an additional 75,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Agree Realty by 10.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 517,960 shares of the real estate investment trust’s stock valued at $30,622,000 after acquiring an additional 48,045 shares during the period.
In other Agree Realty news, Director Farris G. Kalil sold 1,034 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $63.70, for a total transaction of $65,865.80. Following the sale, the director now owns 8,000 shares of the company’s stock, valued at approximately $509,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Rakolta, Jr. bought 10,000 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were bought at an average price of $64.20 per share, for a total transaction of $642,000.00. Following the transaction, the director now owns 216,088 shares of the company’s stock, valued at $13,872,849.60. The disclosure for this purchase can be found here. 3.10% of the stock is owned by corporate insiders.
Shares of NYSE ADC traded up $0.67 during trading on Wednesday, reaching $72.02. 69,723 shares of the stock traded hands, compared to its average volume of 243,516. Agree Realty Co. has a 52-week low of $50.72 and a 52-week high of $76.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50-day moving average of $71.06 and a 200-day moving average of $67.66. The stock has a market capitalization of $3.07 billion, a P/E ratio of 25.16, a price-to-earnings-growth ratio of 4.09 and a beta of 0.04.
Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, July 22nd. The real estate investment trust reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.29). Agree Realty had a return on equity of 5.19% and a net margin of 39.76%. The firm had revenue of $44.92 million during the quarter, compared to analysts’ expectations of $44.05 million. Analysts expect that Agree Realty Co. will post 3.03 earnings per share for the current fiscal year.
The firm also recently disclosed a — dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.57 per share. This represents a yield of 3.1%. The ex-dividend date is Thursday, September 26th. Agree Realty’s dividend payout ratio (DPR) is presently 80.00%.
Several brokerages have recently issued reports on ADC. Zacks Investment Research lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Wells Fargo & Co reiterated a “buy” rating and issued a $82.00 price objective on shares of Agree Realty in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Agree Realty has a consensus rating of “Buy” and a consensus price target of $75.00.
Agree Realty 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 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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