Clarkston Capital Partners LLC bought a new stake in shares of Agree Realty Co. (NYSE:ADC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,200 shares of the real estate investment trust’s stock, valued at approximately $222,000.
Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc increased its holdings in shares of Agree Realty by 33.8% during the 4th quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 169 shares during the last quarter. Stifel Financial Corp raised its position in shares of Agree Realty by 0.9% in the fourth quarter. Stifel Financial Corp now owns 30,117 shares of the real estate investment trust’s stock valued at $1,772,000 after purchasing an additional 259 shares during the period. Amalgamated Bank raised its position in shares of Agree Realty by 6.2% in the fourth quarter. Amalgamated Bank now owns 4,645 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 271 shares during the period. SG Americas Securities LLC raised its position in shares of Agree Realty by 2.6% in the fourth quarter. SG Americas Securities LLC now owns 11,445 shares of the real estate investment trust’s stock valued at $677,000 after purchasing an additional 289 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Agree Realty by 6.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 8,467 shares of the real estate investment trust’s stock valued at $501,000 after purchasing an additional 514 shares during the period.
ADC has been the topic of several research analyst reports. Citigroup increased their price objective on shares of Agree Realty from $61.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, February 27th. LADENBURG THALM/SH SH lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Monday, February 11th. Wells Fargo & Co increased their price objective on shares of Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. They noted that the move was a valuation call. Finally, Raymond James raised their price target on shares of Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $66.33.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Thursday, February 21st. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.36). Agree Realty had a return on equity of 5.63% and a net margin of 39.23%. The business had revenue of $40.70 million for the quarter, compared to the consensus estimate of $39.47 million. Sell-side analysts anticipate that Agree Realty Co. will post 3.04 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $0.555 per share. This represents a $2.22 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date was Thursday, March 28th. Agree Realty’s dividend payout ratio is 77.89%.
In related news, Director Farris G. Kalil sold 701 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $69.49, for a total transaction of $48,712.49. Following the transaction, the director now directly owns 9,034 shares of the company’s stock, valued at $627,772.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.10% of the stock is currently owned by company insiders.
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About Agree Realty
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 December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space.
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