Agree Realty Corporation (ADC) Stake Raised by BlackRock Inc.
BlackRock Inc. boosted its stake in Agree Realty Corporation (NYSE:ADC) by 13.4% during the third quarter, Holdings Channel reports. The institutional investor owned 31,171 shares of the real estate investment trust’s stock after buying an additional 3,680 shares during the period. BlackRock Inc. owned 0.13% of Agree Realty Corporation worth $1,541,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PineBridge Investments L.P. raised its position in Agree Realty Corporation by 31.7% in the second quarter. PineBridge Investments L.P. now owns 2,998 shares of the real estate investment trust’s stock valued at $145,000 after buying an additional 721 shares in the last quarter. Teacher Retirement System of Texas raised its position in Agree Realty Corporation by 37.7% in the second quarter. Teacher Retirement System of Texas now owns 3,274 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 897 shares in the last quarter. Advisor Group Inc. purchased a new position in Agree Realty Corporation during the second quarter valued at $176,000. Hsbc Holdings PLC purchased a new position in Agree Realty Corporation during the second quarter valued at $222,000. Finally, Mason Street Advisors LLC purchased a new position in Agree Realty Corporation during the second quarter valued at $223,000. Institutional investors own 74.60% of the company’s stock.
Shares of Agree Realty Corporation (NYSE:ADC) opened at 45.79 on Friday. The company has a market cap of $1.08 billion, a P/E ratio of 24.38 and a beta of 0.59. Agree Realty Corporation has a one year low of $32.20 and a one year high of $51.33. The company’s 50 day moving average is $45.26 and its 200 day moving average is $47.13.
Agree Realty Corporation (NYSE:ADC) last announced its earnings results on Monday, October 24th. The real estate investment trust reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.04. The company earned $22.30 million during the quarter, compared to the consensus estimate of $24.21 million. Agree Realty Corporation had a net margin of 47.05% and a return on equity of 7.88%. The firm’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. On average, equities analysts predict that Agree Realty Corporation will post $1.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Friday, December 23rd were issued a $0.495 dividend. The ex-dividend date of this dividend was Wednesday, December 21st. This represents a $1.98 annualized dividend and a dividend yield of 4.32%. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.48. Agree Realty Corporation’s dividend payout ratio is currently 106.45%.
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Several research analysts have recently weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of Agree Realty Corporation from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, January 6th. Zacks Investment Research upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, January 5th. Jefferies Group lowered shares of Agree Realty Corporation from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $53.00 to $49.00 in a research note on Thursday, January 5th. SunTrust Banks, Inc. assumed coverage on shares of Agree Realty Corporation in a research note on Friday, December 16th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Janney Montgomery Scott restated a “buy” rating and set a $53.00 price objective on shares of Agree Realty Corporation in a research note on Tuesday, October 18th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $51.57.
In related news, Director John Rakolta, Jr. acquired 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 26th. The stock was acquired at an average price of $47.50 per share, for a total transaction of $570,000.00. Following the completion of the acquisition, the director now owns 158,484 shares of the company’s stock, valued at approximately $7,527,990. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gene Silverman acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were bought at an average price of $41.10 per share, with a total value of $82,200.00. Following the acquisition, the director now directly owns 26,113 shares of the company’s stock, valued at approximately $1,073,244.30. The disclosure for this purchase can be found here. 5.25% of the stock is currently owned by insiders.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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