Entropy Technologies LP Purchases 29,899 Shares of Agree Realty Corporation $ADC

Entropy Technologies LP lifted its position in shares of Agree Realty Corporation (NYSE:ADC) by 100.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,562 shares of the real estate investment trust’s stock after buying an additional 29,899 shares during the quarter. Entropy Technologies LP’s holdings in Agree Realty were worth $4,490,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Jane Street Group LLC raised its stake in Agree Realty by 268.9% in the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings 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 valued at $42,000 after purchasing an additional 356 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $1,875,000. EverSource Wealth Advisors LLC grew its position in shares of Agree Realty by 245.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 965 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Agree Realty by 46.8% during the second quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust’s stock worth $5,421,000 after purchasing an additional 23,662 shares during the period. Institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree purchased 13,295 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The shares were bought at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the acquisition, the chief executive officer owned 675,105 shares in the company, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Agree acquired 5,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was purchased at an average cost of $71.41 per share, with a total value of $357,050.00. Following the purchase, the chairman directly owned 90,512 shares of the company’s stock, valued at $6,463,461.92. This trade represents a 5.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 19,045 shares of company stock worth $1,415,943. 1.80% of the stock is currently owned by insiders.

Agree Realty Price Performance

ADC stock opened at $80.81 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08. The firm has a market cap of $9.71 billion, a P/E ratio of 43.68, a P/E/G ratio of 2.68 and a beta of 0.47. The company’s 50-day moving average price is $76.11 and its two-hundred day moving average price is $76.16.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.267 dividend. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a yield of 4.0%. Agree Realty’s dividend payout ratio (DPR) is currently 172.97%.

Wall Street Analyst Weigh In

ADC has been the subject of a number of analyst reports. Robert W. Baird lifted their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Jefferies Financial Group began coverage on Agree Realty in a research report on Monday, June 1st. They set a “buy” rating and a $84.00 price target on the stock. Citigroup raised their price objective on Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Mizuho cut their target price on Agree Realty from $86.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $83.88.

About Agree Realty

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.