Louisiana State Employees Retirement System boosted its stake in shares of Agree Realty Corporation (NYSE:ADC) by 7.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,500 shares of the real estate investment trust’s stock after buying an additional 800 shares during the period. Louisiana State Employees Retirement System’s holdings in Agree Realty Corporation were worth $528,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in ADC. Glen Harbor Capital Management LLC purchased a new stake in shares of Agree Realty Corporation during the first quarter valued at about $101,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Agree Realty Corporation during the first quarter valued at about $102,000. Bank of Montreal Can increased its stake in shares of Agree Realty Corporation by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 1,868 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Agree Realty Corporation by 2.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,935 shares of the real estate investment trust’s stock valued at $189,000 after buying an additional 80 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of Agree Realty Corporation by 6.2% in the first quarter. Neuberger Berman Group LLC now owns 5,529 shares of the real estate investment trust’s stock valued at $265,000 after buying an additional 325 shares during the period. 81.07% of the stock is currently owned by institutional investors.
Agree Realty Corporation (ADC) traded down 1.36% during trading on Friday, hitting $48.49. 81,517 shares of the stock were exchanged. Agree Realty Corporation has a 12-month low of $41.01 and a 12-month high of $51.50. The stock has a 50 day moving average price of $47.57 and a 200-day moving average price of $47.62. The firm has a market capitalization of $1.38 billion, a PE ratio of 21.81 and a beta of 0.59.
Agree Realty Corporation (NYSE:ADC) last announced its earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping the consensus estimate of $0.39 by $0.17. The business had revenue of $28.10 million during the quarter, compared to the consensus estimate of $27.66 million. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. Agree Realty Corporation’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 EPS. On average, equities research analysts anticipate that Agree Realty Corporation will post $1.87 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.505 per share. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, June 28th. This represents a $2.02 annualized dividend and a dividend yield of 4.11%. Agree Realty Corporation’s payout ratio is presently 90.58%.
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A number of equities analysts have recently weighed in on the stock. FBR & Co reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research note on Saturday, May 6th. BidaskClub raised shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research note on Saturday, May 20th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 price target on shares of Agree Realty Corporation in a research note on Monday, April 24th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $51.89.
In related news, Director William S. Rubenfaer bought 2,500 shares of Agree Realty Corporation stock in a transaction that occurred on Tuesday, May 16th. The stock was acquired at an average price of $44.92 per share, with a total value of $112,300.00. Following the acquisition, the director now owns 20,101 shares of the company’s stock, valued at approximately $902,936.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.40% of the company’s stock.
About Agree Realty Corporation
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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