Greenland Capital Management LP Makes New Investment in Agree Realty Corporation $ADC

Greenland Capital Management LP bought a new position in Agree Realty Corporation (NYSE:ADC) in the 3rd quarter, HoldingsChannel reports. The fund bought 140,764 shares of the real estate investment trust’s stock, valued at approximately $10,000,000. Agree Realty comprises approximately 1.0% of Greenland Capital Management LP’s portfolio, making the stock its 18th largest holding.

A number of other institutional investors have also made changes to their positions in the company. Dana Investment Advisors Inc. lifted its stake in Agree Realty by 12.1% during the third quarter. Dana Investment Advisors Inc. now owns 27,087 shares of the real estate investment trust’s stock worth $1,924,000 after purchasing an additional 2,932 shares during the last quarter. Vestmark Advisory Solutions Inc. increased its stake in Agree Realty by 37.9% during the third quarter. Vestmark Advisory Solutions Inc. now owns 7,190 shares of the real estate investment trust’s stock valued at $511,000 after purchasing an additional 1,977 shares during the last quarter. Bridgewater Advisors Inc. acquired a new stake in shares of Agree Realty during the third quarter worth $238,000. Jupiter Asset Management Ltd. bought a new position in shares of Agree Realty in the 3rd quarter worth about $3,174,000. Finally, Presima Securities ULC lifted its position in shares of Agree Realty by 3.6% in the 3rd quarter. Presima Securities ULC now owns 37,976 shares of the real estate investment trust’s stock worth $2,698,000 after buying an additional 1,324 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

ADC opened at $79.26 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $73.37 and its 200-day moving average is $73.05. The stock has a market cap of $9.51 billion, a PE ratio of 44.78, a price-to-earnings-growth ratio of 3.04 and a beta of 0.54. Agree Realty Corporation has a twelve month low of $68.98 and a twelve month high of $79.65.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, February 27th. Agree Realty’s payout ratio is 177.40%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADC. Evercore lowered 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 report on Monday, December 15th. Royal Bank Of Canada upped their target price on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Stifel Nicolaus boosted their price objective on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Insider Transactions at Agree Realty

In related news, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by corporate insiders.

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.