Rhumbline Advisers raised its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 4.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,371 shares of the real estate investment trust’s stock after purchasing an additional 2,667 shares during the quarter. Rhumbline Advisers owned approximately 0.22% of Agree Realty Corporation worth $2,815,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Agree Realty Corporation by 4,812.0% during the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock valued at $178,099,000 after purchasing an additional 3,637,882 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Agree Realty Corporation by 1.9% during the first quarter. Vanguard Group Inc. now owns 3,298,645 shares of the real estate investment trust’s stock valued at $158,203,000 after purchasing an additional 60,662 shares during the last quarter. State Street Corp lifted its holdings in Agree Realty Corporation by 9.8% during the first quarter. State Street Corp now owns 716,468 shares of the real estate investment trust’s stock valued at $34,363,000 after purchasing an additional 63,748 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Agree Realty Corporation by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 702,229 shares of the real estate investment trust’s stock valued at $33,679,000 after purchasing an additional 31,668 shares during the last quarter. Finally, Edge Asset Management Inc. lifted its holdings in Agree Realty Corporation by 8.2% during the first quarter. Edge Asset Management Inc. now owns 452,069 shares of the real estate investment trust’s stock valued at $21,681,000 after purchasing an additional 34,360 shares during the last quarter. 86.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of Agree Realty Corporation (NYSE:ADC) opened at 50.50 on Monday. The stock has a 50 day moving average of $49.22 and a 200-day moving average of $47.95. The stock has a market capitalization of $1.43 billion, a P/E ratio of 22.72 and a beta of 0.58. Agree Realty Corporation has a one year low of $41.01 and a one year high of $51.50.
Agree Realty Corporation (NYSE:ADC) last posted its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The firm had revenue of $28.10 million for the quarter, compared to analysts’ expectations of $27.66 million. During the same period in the previous year, the firm earned $0.62 EPS. The business’s quarterly revenue was up 28.7% on a year-over-year basis. Equities analysts forecast that Agree Realty Corporation will post $1.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.505 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.00%. Agree Realty Corporation’s payout ratio is currently 90.58%.
Several equities research analysts have commented on the stock. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Jefferies Group LLC reaffirmed a “hold” rating and set a $50.00 price objective on shares of Agree Realty Corporation in a report on Friday, May 26th. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Canaccord Genuity initiated coverage on shares of Agree Realty Corporation in a report on Tuesday, July 18th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, FBR & Co set a $56.00 price target on shares of Agree Realty Corporation and gave the stock a “buy” rating in a report on Wednesday, June 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $51.89.
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Agree Realty Corporation 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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