Capstone Asset Management Co. decreased its position in shares of Agree Realty Corporation (NYSE:ADC) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 7,423 shares of the real estate investment trust’s stock after selling 240 shares during the period. Capstone Asset Management Co.’s holdings in Agree Realty Corporation were worth $340,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. 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 worth $33,679,000 after buying an additional 31,668 shares in 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 worth $9,708,000 after buying an additional 193,541 shares in 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 worth $4,174,000 after buying an additional 11,627 shares in the last quarter. 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 worth $2,330,000 after buying an additional 5,821 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position 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 worth $189,000 after buying an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 81.07% of the company’s stock.

Agree Realty Corporation (ADC) traded down 0.16% on Thursday, hitting $49.25. 21,014 shares of the stock traded hands. The company has a market cap of $1.40 billion, a price-to-earnings ratio of 22.15 and a beta of 0.59. The stock has a 50-day moving average price of $47.53 and a 200 day moving average price of $47.61. Agree Realty Corporation has a 1-year low of $41.01 and a 1-year high of $51.50.

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 for the quarter, beating the Thomson Reuters’ consensus estimate 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 firm had revenue of $28.10 million for the quarter, compared to analysts’ expectations of $27.66 million. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s revenue was up 28.7% on a year-over-year basis. On average, analysts anticipate that Agree Realty Corporation will post $1.87 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.505 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This is a boost from Agree Realty Corporation’s previous quarterly dividend of $0.50. This represents a $2.02 annualized dividend and a dividend yield of 4.09%. Agree Realty Corporation’s dividend payout ratio is currently 90.58%.

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A number of research analysts recently issued reports on the stock. Jefferies Group LLC restated a “hold” rating and set a $50.00 price objective on shares of Agree Realty Corporation in a report on Monday, April 24th. Stifel Nicolaus upped their price target on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, FBR & Co set a $56.00 price target on shares of Agree Realty Corporation and gave the company a “buy” rating in a report on Wednesday, June 14th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Agree Realty Corporation currently has an average rating of “Buy” and a consensus price target of $51.89.

In related news, Director William S. Rubenfaer purchased 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were purchased at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the transaction, the director now directly owns 20,101 shares in the company, valued at approximately $902,936.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.

Agree Realty Corporation Company Profile

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

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