Capital Fund Management S.A. Purchases New Holdings in Agree Realty Corporation (ADC)
Capital Fund Management S.A. purchased a new position in shares of Agree Realty Corporation (NYSE:ADC) in the second quarter, according to its most recent filing with the SEC. The firm purchased 5,000 shares of the real estate investment trust’s stock, valued at approximately $229,000.
A number of other institutional investors have also modified their holdings of ADC. BlackRock Inc. grew its holdings in Agree Realty Corporation by 4,812.0% during the 1st quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock worth $178,099,000 after acquiring an additional 3,637,882 shares during the period. William Blair Investment Management LLC acquired a new stake in Agree Realty Corporation during the 2nd quarter worth about $17,580,000. Franklin Resources Inc. acquired a new stake in Agree Realty Corporation during the 2nd quarter worth about $6,650,000. Northpointe Capital LLC acquired a new stake in Agree Realty Corporation during the 2nd quarter worth about $5,180,000. Finally, Kennedy Capital Management Inc. acquired a new stake in Agree Realty Corporation during the 2nd quarter worth about $4,585,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.
A number of brokerages have weighed in on ADC. FBR & Co reiterated a “buy” rating and set a $58.00 price target (up from $56.00) on shares of Agree Realty Corporation in a report on Monday. Jefferies Group LLC reiterated a “hold” rating and set a $50.00 price target on shares of Agree Realty Corporation in a report on Friday, May 26th. BidaskClub upgraded Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Canaccord Genuity began coverage on Agree Realty Corporation in a report on Tuesday, July 18th. They set a “buy” rating and a $53.00 price target for the company. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $54.00 price target on shares of Agree Realty Corporation in a report on Tuesday, August 22nd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $52.11.
Agree Realty Corporation (NYSE:ADC) opened at 50.77 on Wednesday. The company has a market cap of $1.44 billion, a PE ratio of 22.84 and a beta of 0.58. The stock’s 50 day moving average is $49.69 and its 200-day moving average is $47.99. Agree Realty Corporation has a 52-week low of $41.01 and a 52-week 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 (EPS) for the quarter, beating the 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 company had revenue of $28.10 million for the quarter, compared to analysts’ expectations of $27.66 million. During the same quarter in the previous year, the company earned $0.62 earnings per share. Agree Realty Corporation’s quarterly revenue was up 28.7% on a year-over-year basis. Equities research analysts predict that Agree Realty Corporation will post $1.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, September 28th. Agree Realty Corporation’s dividend payout ratio is currently 90.58%.
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).
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.