Azzad Asset Management Inc. ADV Makes New $971,000 Investment in Agree Realty Corporation $ADC

Azzad Asset Management Inc. ADV purchased a new stake in Agree Realty Corporation (NYSE:ADC) in the 3rd quarter, Holdings Channel reports. The firm purchased 13,674 shares of the real estate investment trust’s stock, valued at approximately $971,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its holdings in shares of Agree Realty by 18.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,368 shares of the real estate investment trust’s stock worth $97,000 after acquiring an additional 213 shares during the period. HighPoint Advisor Group LLC raised its stake in Agree Realty by 5.8% during the third quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock worth $225,000 after purchasing an additional 174 shares during the period. Cullen Capital Management LLC acquired a new position in shares of Agree Realty in the 3rd quarter valued at $210,000. J.W. Cole Advisors Inc. grew its stake in shares of Agree Realty by 13.9% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 5,328 shares of the real estate investment trust’s stock valued at $379,000 after buying an additional 652 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Agree Realty by 12.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 319,211 shares of the real estate investment trust’s stock worth $22,677,000 after buying an additional 36,312 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Barclays lifted their target price on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Stifel Nicolaus set a $83.50 price objective on Agree Realty in a research note on Tuesday, November 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. KeyCorp raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, Evercore decreased their price objective on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.23.

Insider Activity

In other news, CFO Peter Coughenour purchased 500 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. acquired 15,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was purchased at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the acquisition, the director directly 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. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is currently owned by company insiders.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $75.36 on Tuesday. The company has a market cap of $8.66 billion, a P/E ratio of 44.07, a PEG ratio of 2.65 and a beta of 0.54. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65. The business’s 50-day simple moving average is $72.39 and its 200 day simple moving average is $72.75. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68.

Agree Realty Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio is 183.63%.

Agree Realty 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.