Creative Planning boosted its stake in shares of Agree Realty Corporation (NYSE:ADC) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,965 shares of the real estate investment trust’s stock after buying an additional 375 shares during the period. Creative Planning’s holdings in Agree Realty Corporation were worth $365,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in ADC. Glen Harbor Capital Management LLC bought a new stake in shares of Agree Realty Corporation during the first quarter valued at about $101,000. Ameritas Investment Partners Inc. bought a new stake in shares of Agree Realty Corporation during the first quarter valued at about $102,000. Bank of Montreal Can boosted 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 in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted 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 in the last quarter. Finally, Neuberger Berman Group LLC boosted 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 in the last quarter. 81.07% of the stock is owned by institutional investors.
Agree Realty Corporation (NYSE:ADC) opened at 48.51 on Friday. The company’s 50 day moving average is $47.61 and its 200-day moving average is $47.63. Agree Realty Corporation has a 1-year low of $41.01 and a 1-year high of $51.50. The stock has a market cap of $1.38 billion, a PE ratio of 21.82 and a beta of 0.59.
Agree Realty Corporation (NYSE:ADC) last announced its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The firm had revenue of $28.10 million for the quarter, compared to the consensus estimate of $27.66 million. During the same period in the prior year, the firm posted $0.62 earnings per share. The firm’s quarterly revenue was up 28.7% compared to the same quarter last year. Equities research analysts forecast that Agree Realty Corporation will post $1.87 earnings per share for the current fiscal year.
The company also recently declared 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. The ex-dividend date was Wednesday, June 28th. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. This represents a $2.02 dividend on an annualized basis and a yield of 4.16%. Agree Realty Corporation’s dividend payout ratio is 90.58%.
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ADC has been the topic of several research reports. Canaccord Genuity initiated coverage on shares of Agree Realty Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $53.00 target price on the stock. FBR & Co set a $56.00 target price on shares of Agree Realty Corporation and gave the stock a “buy” rating in a report on Wednesday, June 14th. Raymond James Financial, Inc. reiterated a “buy” rating on shares of Agree Realty Corporation in a research note on Saturday, May 20th. Stifel Nicolaus lifted their price target on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Finally, BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Agree Realty Corporation has an average rating of “Buy” and an average price target of $51.89.
In other news, Director William S. Rubenfaer purchased 2,500 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were purchased at an average cost of $44.92 per share, with a total value of $112,300.00. Following the completion of the acquisition, the director now owns 20,101 shares of the company’s stock, valued at approximately $902,936.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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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