Raymond James Financial Services Advisors Inc. lessened its position in Agree Realty Co. (NYSE:ADC) by 16.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,220 shares of the real estate investment trust’s stock after selling 1,848 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Agree Realty were worth $474,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Eagle Asset Management Inc. lifted its holdings in Agree Realty by 130.5% during the 3rd quarter. Eagle Asset Management Inc. now owns 307,458 shares of the real estate investment trust’s stock valued at $15,280,000 after buying an additional 174,054 shares in the last quarter. American Century Companies Inc. lifted its holdings in Agree Realty by 40.5% during the 3rd quarter. American Century Companies Inc. now owns 319,770 shares of the real estate investment trust’s stock valued at $15,694,000 after buying an additional 92,146 shares in the last quarter. Westpac Banking Corp bought a new stake in Agree Realty during the 4th quarter valued at about $3,064,000. Forsta AP Fonden bought a new stake in Agree Realty during the 4th quarter valued at about $597,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in Agree Realty by 36.2% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,697 shares of the real estate investment trust’s stock valued at $1,114,000 after buying an additional 6,038 shares in the last quarter. Hedge funds and other institutional investors own 96.43% of the company’s stock.
Agree Realty Co. (NYSE ADC) opened at $47.99 on Friday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.57. The company has a market cap of $1,394.12, a PE ratio of 17.62, a price-to-earnings-growth ratio of 3.30 and a beta of 0.45. Agree Realty Co. has a 12-month low of $43.74 and a 12-month high of $53.65.
Agree Realty (NYSE:ADC) last posted its earnings results on Thursday, February 22nd. The real estate investment trust reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $31.52 million for the quarter, compared to the consensus estimate of $31.46 million. Agree Realty had a net margin of 49.86% and a return on equity of 7.22%. The company’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. equities research analysts expect that Agree Realty Co. will post 2.91 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Wednesday, March 28th. Agree Realty’s dividend payout ratio (DPR) is 99.52%.
In other Agree Realty news, Director John Rakolta, Jr. bought 12,500 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were acquired at an average price of $47.19 per share, with a total value of $589,875.00. Following the transaction, the director now owns 189,933 shares of the company’s stock, valued at approximately $8,962,938.27. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.
A number of equities research analysts recently weighed in on ADC shares. ValuEngine lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Jefferies Group set a $51.00 price objective on shares of Agree Realty and gave the company a “hold” rating in a report on Friday, December 15th. Wells Fargo upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $56.00 price objective for the company in a report on Tuesday, December 19th. Zacks Investment Research lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Finally, B. Riley set a $58.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Agree Realty has a consensus rating of “Buy” and a consensus price target of $55.13.
About Agree Realty
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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