Russell Investments Group Ltd. raised its stake in shares of Agree Realty Corporation (NYSE:ADC) by 19.4% during the second quarter, Holdings Channel reports. The firm owned 424,771 shares of the real estate investment trust’s stock after buying an additional 68,945 shares during the period. Russell Investments Group Ltd.’s holdings in Agree Realty Corporation were worth $19,494,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ADC. BNP Paribas Arbitrage SA boosted its position in shares of Agree Realty Corporation by 11.1% in the first quarter. BNP Paribas Arbitrage SA now owns 13,968 shares of the real estate investment trust’s stock valued at $670,000 after buying an additional 1,393 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Agree Realty Corporation by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 702,229 shares of the real estate investment trust’s stock valued at $33,679,000 after buying an additional 31,668 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Agree Realty Corporation by 2,179.0% in the first quarter. American Century Companies Inc. now owns 202,423 shares of the real estate investment trust’s stock valued at $9,708,000 after buying an additional 193,541 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Agree Realty Corporation by 15.4% in the first quarter. Advisors Asset Management Inc. now owns 87,027 shares of the real estate investment trust’s stock valued at $4,174,000 after buying an additional 11,627 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Agree Realty Corporation by 13.6% in the first quarter. Great West Life Assurance Co. Can now owns 48,581 shares of the real estate investment trust’s stock valued at $2,330,000 after buying an additional 5,821 shares during the last quarter. 81.07% of the stock is currently owned by institutional investors.

Shares of Agree Realty Corporation (NYSE:ADC) traded down 0.111% during mid-day trading on Tuesday, reaching $49.355. The company had a trading volume of 29,511 shares. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The stock has a 50 day moving average of $47.29 and a 200-day moving average of $47.48. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 22.202 and a beta of 0.59.

Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The company had revenue of $28.10 million during the quarter, compared to analysts’ expectations of $27.66 million. During the same quarter in the prior year, the firm posted $0.62 EPS. Agree Realty Corporation’s quarterly revenue was up 28.7% compared to the same quarter last year. On average, analysts expect that Agree Realty Corporation will post $1.87 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a dividend of $0.505 per share. The ex-dividend date was Wednesday, June 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.09%. This is a boost from Agree Realty Corporation’s previous quarterly dividend of $0.50. Agree Realty Corporation’s dividend payout ratio is presently 90.58%.

COPYRIGHT VIOLATION WARNING: “Agree Realty Corporation (NYSE:ADC) Position Raised by Russell Investments Group Ltd.” was posted by Daily Political and is owned by of Daily Political. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of US and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/08/agree-realty-corporation-nyseadc-position-raised-by-russell-investments-group-ltd.html.

Several research analysts have recently commented on the company. Zacks Investment Research downgraded Agree Realty Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 16th. BidaskClub downgraded Agree Realty Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. FBR & Co set a $56.00 price objective on Agree Realty Corporation and gave the stock a “buy” rating in a research note on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Agree Realty Corporation in a research note on Monday, April 24th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Agree Realty Corporation in a research note on Monday, July 24th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Agree Realty Corporation presently has a consensus rating of “Buy” and an average target price of $51.89.

In other news, Director William S. Rubenfaer bought 2,500 shares of Agree Realty Corporation stock in a transaction 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 completion of the acquisition, the director now directly owns 20,101 shares of the company’s stock, valued at $902,936.92. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is owned by corporate 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). 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).

Want to see what other hedge funds are holding ADC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agree Realty Corporation (NYSE:ADC).

Institutional Ownership by Quarter for Agree Realty Corporation (NYSE:ADC)

Receive News & Ratings for Agree Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty Corporation and related companies with MarketBeat.com's FREE daily email newsletter.