Boothbay Fund Management LLC Increases Holdings in Agree Realty Corporation (ADC)
Boothbay Fund Management LLC raised its position in shares of Agree Realty Corporation (NYSE:ADC) by 18.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,488 shares of the real estate investment trust’s stock after buying an additional 1,800 shares during the quarter. Boothbay Fund Management LLC’s holdings in Agree Realty were worth $564,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Riverhead Capital Management LLC raised its position in shares of Agree Realty by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after purchasing an additional 1,263 shares during the period. Bank of Montreal Can raised its position in shares of Agree Realty by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 1,868 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 600 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Agree Realty during the 2nd quarter worth approximately $127,000. Finally, Victory Capital Management Inc. raised its position in shares of Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock worth $147,000 after purchasing an additional 1,815 shares during the period. Hedge funds and other institutional investors own 87.06% of the company’s stock.
Agree Realty Corporation (NYSE ADC) opened at $49.69 on Friday. Agree Realty Corporation has a fifty-two week low of $43.12 and a fifty-two week high of $51.50. The stock has a market capitalization of $1,451.74, a P/E ratio of 18.75, a P/E/G ratio of 3.67 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63.
Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). Agree Realty had a return on equity of 7.27% and a net margin of 49.26%. The business had revenue of $30.39 million during the quarter, compared to the consensus estimate of $29.48 million. During the same period last year, the company earned $0.66 earnings per share. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. analysts anticipate that Agree Realty Corporation will post 2.71 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.19%. This is a positive change from Agree Realty’s previous quarterly dividend of $0.51. The ex-dividend date is Tuesday, December 19th. Agree Realty’s dividend payout ratio is 99.02%.
A number of analysts have recently weighed in on the company. ValuEngine cut Agree Realty from a “buy” rating to a “hold” rating in a research report on Thursday, November 30th. B. Riley set a $58.00 price target on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Zacks Investment Research cut Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. FBR & Co reiterated a “buy” rating and set a $58.00 price target on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Ladenburg Thalmann Financial Services reissued a “buy” rating on shares of Agree Realty in a report on Tuesday, October 24th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Agree Realty presently has an average rating of “Buy” and an average target price of $52.78.
In other news, Director John Rakolta, Jr. purchased 3,300 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was purchased at an average cost of $49.67 per share, with a total value of $163,911.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 4.40% of the company’s stock.
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Agree Realty 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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