Caxton Associates LLP Reduces Position in Agree Realty Corporation $ADC

Caxton Associates LLP lowered its position in Agree Realty Corporation (NYSE:ADC) by 23.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,779 shares of the real estate investment trust’s stock after selling 10,281 shares during the quarter. Caxton Associates LLP’s holdings in Agree Realty were worth $2,471,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Private Advisor Group LLC increased its stake in Agree Realty by 5.0% in the first quarter. Private Advisor Group LLC now owns 3,070 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 145 shares during the period. Evergreen Capital Management LLC increased its position in Agree Realty by 2.7% in the 4th quarter. Evergreen Capital Management LLC now owns 5,946 shares of the real estate investment trust’s stock valued at $430,000 after acquiring an additional 154 shares during the period. Azzad Asset Management Inc. ADV raised its stake in Agree Realty by 1.1% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 14,199 shares of the real estate investment trust’s stock valued at $1,070,000 after acquiring an additional 154 shares during the last quarter. IFP Advisors Inc lifted its position in Agree Realty by 18.2% during the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 171 shares during the period. Finally, IFM Investors Pty Ltd grew its stake in shares of Agree Realty by 0.9% in the 1st quarter. IFM Investors Pty Ltd now owns 18,601 shares of the real estate investment trust’s stock valued at $1,402,000 after purchasing an additional 171 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Greg Lehmkuhl bought 750 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $75.09 per share, with a total value of $56,317.50. Following the completion of the acquisition, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. This represents a 2.22% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree purchased 5,000 shares of Agree Realty stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $71.41 per share, with a total value of $357,050.00. Following the completion of the transaction, the chairman owned 90,512 shares in the company, valued at approximately $6,463,461.92. This trade represents a 5.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 19,045 shares of company stock valued at $1,415,943. Corporate insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADC shares. Royal Bank Of Canada increased their price target on Agree Realty from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Citigroup raised their target price on shares of Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Jefferies Financial Group initiated coverage on shares of Agree Realty in a report on Monday, June 1st. They issued a “buy” rating and a $84.00 target price on the stock. Wall Street Zen upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Robert W. Baird increased their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.88.

Agree Realty Trading Up 1.3%

NYSE:ADC opened at $80.81 on Friday. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average price of $76.11 and a two-hundred day moving average price of $76.16. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 2.65 and a beta of 0.47.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The company had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. During the same period in the previous year, the firm earned $0.42 EPS. The business’s revenue was up 18.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $0.267 dividend. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio (DPR) is 172.97%.

Agree Realty Company Profile

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.