Pitcairn Co. lessened its holdings in shares of Agree Realty Co. (NYSE:ADC) by 19.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,296 shares of the real estate investment trust’s stock after selling 1,041 shares during the period. Pitcairn Co.’s holdings in Agree Realty were worth $283,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Parametric Portfolio Associates LLC lifted its holdings in shares of Agree Realty by 26.2% during the 1st quarter. Parametric Portfolio Associates LLC now owns 133,235 shares of the real estate investment trust’s stock valued at $8,247,000 after purchasing an additional 27,654 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Agree Realty by 15.2% during the 1st quarter. Wells Fargo & Company MN now owns 282,061 shares of the real estate investment trust’s stock valued at $17,460,000 after purchasing an additional 37,148 shares during the last quarter. M&T Bank Corp raised its stake in Agree Realty by 51.7% in the 1st quarter. M&T Bank Corp now owns 6,497 shares of the real estate investment trust’s stock worth $402,000 after acquiring an additional 2,213 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Agree Realty by 36.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 40,433 shares of the real estate investment trust’s stock worth $2,503,000 after acquiring an additional 10,872 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new position in Agree Realty in the 1st quarter worth $3,783,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.
NYSE:ADC opened at $66.97 on Friday. Agree Realty Co. has a 52 week low of $45.23 and a 52 week high of $80.51. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $3.61 billion, a PE ratio of 34.52 and a beta of 0.29. The stock’s 50-day moving average price is $65.46 and its 200-day moving average price is $67.07.
Agree Realty (NYSE:ADC) last posted its earnings results on Monday, July 20th. The real estate investment trust reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.25). Agree Realty had a net margin of 41.98% and a return on equity of 5.24%. The business had revenue of $57.54 million for the quarter, compared to analyst estimates of $55.23 million. Sell-side analysts expect that Agree Realty Co. will post 3.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, June 25th. This is a boost from Agree Realty’s previous quarterly dividend of $0.59. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.58%. Agree Realty’s dividend payout ratio (DPR) is 77.92%.
In other news, Director Jerome R. Rossi sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $67.49, for a total transaction of $134,980.00. Following the sale, the director now directly owns 2,171 shares in the company, valued at approximately $146,520.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.
A number of equities analysts recently issued reports on the company. Robert W. Baird reduced their target price on Agree Realty from $84.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Wells Fargo & Co raised their target price on Agree Realty from $67.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Zacks Investment Research lowered Agree Realty from a “hold” rating to a “sell” rating in a research note on Wednesday, May 27th. Stifel Nicolaus restated a “buy” rating and issued a $73.00 target price on shares of Agree Realty in a research note on Friday, July 10th. Finally, Odeon Capital Group began coverage on Agree Realty in a research note on Sunday, April 19th. They set a “buy” rating and a $72.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $75.33.
Agree Realty Company Profile
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.
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