Sei Investments Co. increased its stake in shares of Agree Realty Corporation (NYSE:ADC) by 40.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,149 shares of the real estate investment trust’s stock after buying an additional 8,432 shares during the period. Sei Investments Co. owned 0.10% of Agree Realty worth $1,431,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Riverhead Capital Management LLC lifted its position in Agree Realty by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after purchasing an additional 1,263 shares during the period. Bank of Montreal Can lifted its position in Agree Realty by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 1,868 shares during the period. Daiwa Securities Group Inc. lifted its position in Agree Realty by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 600 shares during the period. SG Americas Securities LLC acquired a new position in Agree Realty during the 2nd quarter valued at about $127,000. Finally, Victory Capital Management Inc. lifted its position in Agree Realty by 154.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,815 shares during the period. Institutional investors and hedge funds own 87.06% of the company’s stock.
In other news, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were acquired at an average cost of $49.67 per share, for a total transaction of $163,911.00. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.40% of the company’s stock.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $29.48 million. Agree Realty had a net margin of 49.26% and a return on equity of 7.27%. The business’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. research analysts predict that Agree Realty Corporation will post 2.71 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.26%. This is an increase from Agree Realty’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, December 19th. Agree Realty’s dividend payout ratio (DPR) is currently 99.02%.
ADC has been the topic of a number of research reports. B. Riley set a $58.00 target price on shares of Agree Realty and gave the company a “buy” rating in a research report on Tuesday, November 14th. FBR & Co restated a “buy” rating and set a $58.00 target price (up from $56.00) on shares of Agree Realty in a research report on Monday, September 18th. Zacks Investment Research downgraded shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. ValuEngine upgraded shares of Agree Realty from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price target on shares of Agree Realty in a research report on Tuesday, August 22nd. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Agree Realty has an average rating of “Buy” and an average price target of $52.78.
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Agree Realty 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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