Leeward Investments LLC MA Reduces Position in Agree Realty Corporation $ADC

Leeward Investments LLC MA decreased its position in shares of Agree Realty Corporation (NYSE:ADC) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 414,670 shares of the real estate investment trust’s stock after selling 11,400 shares during the period. Agree Realty accounts for 1.5% of Leeward Investments LLC MA’s investment portfolio, making the stock its 7th biggest holding. Leeward Investments LLC MA owned approximately 0.36% of Agree Realty worth $29,458,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADC. Westside Investment Management Inc. lifted its position in shares of Agree Realty by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in Agree Realty by 1,513.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 454 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 356 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Agree Realty by 47.6% during the third quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 250 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Agree Realty by 114.7% during the third quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 437 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ADC shares. Evercore dropped their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. Mizuho dropped their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. KeyCorp upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Wells Fargo & Company increased their target price on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Finally, Royal Bank Of Canada boosted their price target on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Price Performance

NYSE:ADC opened at $78.02 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.68 and a current ratio of 0.81. The company has a 50-day moving average of $72.60 and a 200-day moving average of $72.86. Agree Realty Corporation has a 52 week low of $68.98 and a 52 week high of $79.65. The company has a market capitalization of $9.36 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 2.77 and a beta of 0.54.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, February 27th. Agree Realty’s dividend payout ratio is currently 177.40%.

Insider Transactions at Agree Realty

In related news, Chairman Richard Agree bought 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was acquired at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Rakolta, Jr. purchased 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The stock was bought at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the purchase, the director owned 562,606 shares in the company, valued at $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 39,500 shares of company stock valued at $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.