Metis Global Partners LLC Boosts Stake in Agree Realty Corporation $ADC

Metis Global Partners LLC raised its holdings in Agree Realty Corporation (NYSE:ADC) by 36.1% during the 3rd quarter, Holdings Channel reports. The firm owned 24,753 shares of the real estate investment trust’s stock after buying an additional 6,570 shares during the quarter. Metis Global Partners LLC’s holdings in Agree Realty were worth $1,758,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Westside Investment Management Inc. raised its holdings in shares of Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 215 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in Agree Realty by 1,513.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 454 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Agree Realty by 158.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 356 shares in the last quarter. Versant Capital Management Inc grew its holdings in Agree Realty by 47.6% in the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Agree Realty by 114.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 437 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter Coughenour purchased 500 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 39,500 shares of company stock worth $2,813,680 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ADC shares. Evercore decreased their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Wells Fargo & Company increased their price target on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Mizuho reduced their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Truist Financial lowered their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Finally, KeyCorp increased their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $78.02 on Monday. The business has a 50-day simple moving average of $72.60 and a 200-day simple moving average of $72.86. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65. The company has a market cap of $9.36 billion, a PE ratio of 44.08, a P/E/G ratio of 2.77 and a beta of 0.54.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.262 per share. The ex-dividend date is Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s payout ratio is presently 177.40%.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.