QS Investors LLC grew its position in shares of Agree Realty Co. (NYSE:ADC) by 16.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,929 shares of the real estate investment trust’s stock after acquiring an additional 1,966 shares during the quarter. QS Investors LLC’s holdings in Agree Realty were worth $717,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Crossmark Global Holdings Inc. bought a new stake in Agree Realty in the third quarter worth about $388,000. Victory Capital Management Inc. raised its holdings in Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 1,815 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Agree Realty by 36.2% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,697 shares of the real estate investment trust’s stock worth $1,114,000 after buying an additional 6,038 shares during the period. Sei Investments Co. grew its stake in Agree Realty by 40.7% during the 3rd quarter. Sei Investments Co. now owns 29,149 shares of the real estate investment trust’s stock valued at $1,431,000 after acquiring an additional 8,432 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its stake in Agree Realty by 58.4% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 12,510 shares of the real estate investment trust’s stock valued at $614,000 after acquiring an additional 4,610 shares in the last quarter. Institutional investors and hedge funds own 96.37% of the company’s stock.
Agree Realty stock traded up $0.55 during mid-day trading on Friday, hitting $48.43. The stock had a trading volume of 128,175 shares, compared to its average volume of 293,830. Agree Realty Co. has a 12 month low of $43.74 and a 12 month high of $53.65. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1,392.96, a price-to-earnings ratio of 17.81, a P/E/G ratio of 3.30 and a beta of 0.39.
Agree Realty (NYSE:ADC) last released its earnings results on Thursday, February 22nd. The real estate investment trust reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. The firm had revenue of $31.52 million for the quarter, compared to analyst estimates of $31.46 million. Agree Realty had a return on equity of 7.22% and a net margin of 49.86%. The company’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. sell-side analysts expect that Agree Realty Co. will post 2.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 13th. Investors of record on Friday, March 30th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.29%. Agree Realty’s payout ratio is presently 76.47%.
Several equities research analysts recently commented on ADC shares. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price target on shares of Agree Realty in a research note on Thursday, January 4th. Zacks Investment Research lowered Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, January 26th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Jefferies Group reiterated a “neutral” rating on shares of Agree Realty in a report on Thursday, March 1st. Finally, Ladenburg Thalmann set a $55.00 price target on Agree Realty and gave the stock a “buy” rating in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $55.13.
In other news, Director John Rakolta, Jr. acquired 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was acquired at an average cost of $47.19 per share, for a total transaction of $589,875.00. Following the completion of the acquisition, the director now owns 189,933 shares in the company, valued at $8,962,938.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by company insiders.
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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 December 31, 2017, the Company owned and operated a portfolio of 436 properties, located in 43 states and containing approximately 8.7 million square feet of gross leasable space.
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