Agree Realty Corporation (ADC) Stake Boosted by Neuberger Berman Group LLC
Neuberger Berman Group LLC grew its position in shares of Agree Realty Corporation (NYSE:ADC) by 4.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,776 shares of the real estate investment trust’s stock after acquiring an additional 247 shares during the period. Neuberger Berman Group LLC’s holdings in Agree Realty Corporation were worth $265,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of ADC. BlackRock Inc. raised its stake in shares of Agree Realty Corporation by 4,812.0% during the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock valued at $178,099,000 after acquiring an additional 3,637,882 shares during the last quarter. William Blair Investment Management LLC bought a new position in shares of Agree Realty Corporation during the second quarter valued at about $17,580,000. Northpointe Capital LLC bought a new position in shares of Agree Realty Corporation during the second quarter valued at about $5,180,000. Russell Investments Group Ltd. raised its stake in shares of Agree Realty Corporation by 19.4% during the second quarter. Russell Investments Group Ltd. now owns 424,771 shares of the real estate investment trust’s stock valued at $19,494,000 after acquiring an additional 68,945 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Agree Realty Corporation by 9.8% during the first quarter. State Street Corp now owns 716,468 shares of the real estate investment trust’s stock valued at $34,363,000 after acquiring an additional 63,748 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.
ADC has been the subject of several recent analyst reports. FBR & Co reaffirmed a “buy” rating and set a $58.00 price objective (up from $56.00) on shares of Agree Realty Corporation in a research note on Monday, September 18th. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded shares of Agree Realty Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 16th. Canaccord Genuity initiated coverage on shares of Agree Realty Corporation in a research note on Tuesday, July 18th. They set a “buy” rating and a $53.00 price objective for the company. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price objective on shares of Agree Realty Corporation in a research note on Tuesday, August 22nd. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $52.11.
Agree Realty Corporation (NYSE:ADC) opened at 49.95 on Tuesday. The company’s 50 day moving average is $49.69 and its 200 day moving average is $47.99. The stock has a market cap of $1.42 billion, a PE ratio of 22.47 and a beta of 0.58. Agree Realty Corporation has a 12 month low of $41.01 and a 12 month high of $51.50.
Agree Realty Corporation (NYSE:ADC) last announced its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $27.66 million. During the same quarter last year, the business posted $0.62 EPS. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. On average, analysts anticipate that Agree Realty Corporation will post $1.93 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.505 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a yield of 4.06%. Agree Realty Corporation’s payout ratio is 90.58%.
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Agree Realty Corporation 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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