Geode Capital Management LLC Raises Position in Agree Realty Co. (NYSE:ADC)

Geode Capital Management LLC grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 14.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 355,955 shares of the real estate investment trust’s stock after purchasing an additional 44,639 shares during the period. Geode Capital Management LLC owned approximately 1.03% of Agree Realty worth $21,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of ADC. Cohen & Steers Inc. boosted its position in shares of Agree Realty by 28.0% during the 3rd quarter. Cohen & Steers Inc. now owns 4,238,179 shares of the real estate investment trust’s stock valued at $225,132,000 after purchasing an additional 926,427 shares in the last quarter. BlackRock Inc. lifted its stake in Agree Realty by 10.9% during the fourth quarter. BlackRock Inc. now owns 5,763,879 shares of the real estate investment trust’s stock valued at $340,764,000 after buying an additional 568,426 shares in the last quarter. Monarch Partners Asset Management LLC purchased a new stake in Agree Realty during the fourth quarter valued at about $14,608,000. JPMorgan Chase & Co. lifted its stake in Agree Realty by 132.3% during the third quarter. JPMorgan Chase & Co. now owns 430,245 shares of the real estate investment trust’s stock valued at $22,855,000 after buying an additional 245,029 shares in the last quarter. Finally, Tributary Capital Management LLC purchased a new stake in Agree Realty during the fourth quarter valued at about $12,658,000.

Shares of NYSE ADC traded up $0.66 during mid-day trading on Friday, reaching $67.51. The company had a trading volume of 162,017 shares, compared to its average volume of 307,055. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 2.11. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 3.63 and a beta of 0.19. Agree Realty Co. has a 12-month low of $48.52 and a 12-month high of $70.25.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.26). The company had revenue of $42.35 million during the quarter, compared to analysts’ expectations of $43.77 million. Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. On average, analysts predict that Agree Realty Co. will post 3.03 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.38%. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. The ex-dividend date is Thursday, June 27th. Agree Realty’s dividend payout ratio is 77.89%.

A number of analysts have commented on ADC shares. Citigroup upped their price objective on shares of Agree Realty from $61.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, February 27th. Raymond James raised shares of Agree Realty from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, January 8th. LADENBURG THALM/SH SH lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Monday, February 11th. Finally, Wells Fargo & Co upped their price objective on shares of Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, March 18th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $66.33.

In other news, Director Farris G. Kalil sold 701 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $69.49, for a total value of $48,712.49. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by corporate 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.

Further Reading: Dollar Cost Averaging

Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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