Nationwide Fund Advisors lifted its position in shares of Agree Realty Corporation (NYSE:ADC) by 5.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,625 shares of the real estate investment trust’s stock after acquiring an additional 3,693 shares during the period. Nationwide Fund Advisors owned approximately 0.25% of Agree Realty Corporation worth $3,285,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in shares of Agree Realty Corporation during the 1st quarter worth approximately $102,000. Riverhead Capital Management LLC lifted its holdings in shares of Agree Realty Corporation by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after acquiring an additional 1,263 shares during the period. Bank of Montreal Can lifted its holdings in shares of Agree Realty Corporation by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after acquiring an additional 1,868 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty Corporation by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 600 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Agree Realty Corporation during the 2nd quarter worth approximately $127,000. 85.31% of the stock is owned by institutional investors.
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ADC has been the subject of a number of recent analyst reports. 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. Canaccord Genuity initiated coverage on shares of Agree Realty Corporation in a report on Tuesday, July 18th. They set a “buy” rating and a $53.00 price target for the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price target on shares of Agree Realty Corporation in a report on Tuesday, August 22nd. BidaskClub raised shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Finally, Zacks Investment Research raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $51.88.
Agree Realty Corporation (NYSE:ADC) opened at 49.56 on Wednesday. The company has a market cap of $1.41 billion, a P/E ratio of 22.29 and a beta of 0.57. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The company has a 50-day moving average of $49.84 and a 200 day moving average of $48.22.
Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The business had revenue of $28.10 million during the quarter, compared to analysts’ expectations of $27.66 million. During the same quarter in the previous year, the company earned $0.62 EPS. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. On average, equities analysts forecast that Agree Realty Corporation will post $1.93 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $0.505 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.08%. Agree Realty Corporation’s payout ratio is 90.58%.
Agree Realty Corporation Company 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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