Heritage Wealth Management LLC boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 19.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,353 shares of the real estate investment trust’s stock after acquiring an additional 219 shares during the quarter. Heritage Wealth Management LLC’s holdings in Agree Realty were worth $90,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its holdings in shares of Agree Realty by 30.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 71,193 shares of the real estate investment trust’s stock valued at $4,715,000 after purchasing an additional 16,433 shares in the last quarter. Northern Trust Corp increased its position in shares of Agree Realty by 17.4% during the 2nd quarter. Northern Trust Corp now owns 1,115,745 shares of the real estate investment trust’s stock worth $78,648,000 after purchasing an additional 165,480 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 39.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 638,703 shares of the real estate investment trust’s stock worth $45,022,000 after acquiring an additional 181,158 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Agree Realty by 7.3% during the 2nd quarter. BlackRock Inc. now owns 13,127,040 shares of the real estate investment trust’s stock worth $925,326,000 after acquiring an additional 896,061 shares during the last quarter. Finally, Duality Advisers LP lifted its position in shares of Agree Realty by 23.0% during the 3rd quarter. Duality Advisers LP now owns 17,304 shares of the real estate investment trust’s stock valued at $1,146,000 after acquiring an additional 3,232 shares during the period.
A number of equities analysts have issued reports on the company. Citigroup cut Agree Realty from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $85.00 to $75.00 in a report on Tuesday, December 14th. Zacks Investment Research downgraded Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, December 14th. Mizuho raised their target price on Agree Realty from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 30th. Finally, Royal Bank of Canada began coverage on Agree Realty in a research report on Friday, September 17th. They issued an “outperform” rating and a $80.00 price target for the company. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $78.69.
Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Monday, November 1st. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.06. Agree Realty had a net margin of 35.30% and a return on equity of 3.88%. During the same period in the previous year, the firm earned $0.80 EPS. Sell-side analysts predict that Agree Realty Co. will post 3.58 EPS for the current year.
The business also recently declared a monthly dividend, which will be paid on Monday, February 14th. Shareholders of record on Monday, January 31st will be issued a dividend of $0.227 per share. The ex-dividend date is Friday, January 28th. This represents a $2.72 annualized dividend and a yield of 4.00%. Agree Realty’s dividend payout ratio (DPR) is presently 154.55%.
In other news, Director Greg Lehmkuhl bought 500 shares of Agree Realty stock in a transaction that occurred on Wednesday, November 17th. The stock was purchased at an average cost of $68.35 per share, with a total value of $34,175.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.
Agree Realty Profile
Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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