Agree Realty Co. (NYSE:ADC) Holdings Lifted by First Trust Advisors LP

First Trust Advisors LP boosted its holdings in Agree Realty Co. (NYSE:ADC) by 126.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 55,316 shares of the real estate investment trust’s stock after purchasing an additional 30,888 shares during the quarter. First Trust Advisors LP’s holdings in Agree Realty were worth $3,836,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. IFP Advisors Inc boosted its stake in Agree Realty by 33.8% in the 4th quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 169 shares during the period. Blue Chip Partners Inc. raised its holdings in shares of Agree Realty by 0.4% during the 1st quarter. Blue Chip Partners Inc. now owns 44,859 shares of the real estate investment trust’s stock worth $3,111,000 after acquiring an additional 181 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Agree Realty by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,354 shares of the real estate investment trust’s stock worth $926,000 after acquiring an additional 241 shares in the last quarter. LS Investment Advisors LLC raised its holdings in shares of Agree Realty by 7.9% during the 1st quarter. LS Investment Advisors LLC now owns 3,293 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 242 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Agree Realty by 0.9% during the 4th quarter. Stifel Financial Corp now owns 30,117 shares of the real estate investment trust’s stock worth $1,772,000 after acquiring an additional 259 shares in the last quarter. Institutional investors and hedge funds own 97.69% of the company’s stock.

In related news, Director Craig Erlich purchased 750 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were bought at an average price of $67.47 per share, for a total transaction of $50,602.50. Following the acquisition, the director now owns 13,023 shares of the company’s stock, valued at approximately $878,661.81. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Rakolta, Jr. purchased 6,801 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were bought at an average price of $66.19 per share, for a total transaction of $450,158.19. Following the acquisition, the director now directly owns 206,088 shares in the company, valued at approximately $13,640,964.72. The disclosure for this purchase can be found here. Corporate insiders own 3.10% of the company’s stock.

Several brokerages have recently issued reports on ADC. Wells Fargo & Co upped their price objective on Agree Realty from $67.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, March 18th. They noted that the move was a valuation call. Raymond James upped their price objective on Agree Realty from $68.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Monday, March 4th. Finally, Citigroup upped their price objective on Agree Realty from $61.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, February 27th. Two investment 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 company. The stock currently has a consensus rating of “Buy” and an average target price of $66.33.

Shares of ADC opened at $67.64 on Friday. The company has a market cap of $2.77 billion, a PE ratio of 23.25, a PEG ratio of 3.76 and a beta of 0.13. Agree Realty Co. has a 1 year low of $50.72 and a 1 year high of $70.25. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 0.75.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.26). Agree Realty had a return on equity of 5.33% and a net margin of 38.49%. The firm had revenue of $42.35 million for the quarter, compared to analysts’ expectations of $43.77 million. As a group, equities analysts forecast that Agree Realty Co. will post 3.03 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, June 27th. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s dividend payout ratio is presently 77.89%.

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

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