Agree Realty Corporation $ADC Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lowered its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 69.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,108 shares of the real estate investment trust’s stock after selling 16,100 shares during the quarter. Redmond Asset Management LLC’s holdings in Agree Realty were worth $475,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ADC. Private Advisor Group LLC raised its stake in shares of 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 worth $231,000 after buying an additional 145 shares during the period. Azzad Asset Management Inc. ADV lifted its stake in shares of 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 buying an additional 154 shares in the last quarter. IFM Investors Pty Ltd boosted its holdings in 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 worth $1,402,000 after buying an additional 171 shares during the period. Integrated Investment Consultants LLC boosted its holdings in Agree Realty by 3.4% in the 1st quarter. Integrated Investment Consultants LLC now owns 5,771 shares of the real estate investment trust’s stock worth $435,000 after buying an additional 192 shares during the period. Finally, Elevation Wealth Partners LLC boosted its holdings in Agree Realty by 172.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 430 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 272 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Agree Realty stock opened at $67.54 on Friday. The company’s 50-day moving average price is $68.84 and its 200-day moving average price is $74.50. Agree Realty Corporation has a twelve month low of $64.34 and a twelve month high of $82.08. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.55. The company has a market cap of $8.79 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 2.94 and a beta of 0.42.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 20th. The real estate investment trust reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.68. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The firm had revenue of $213.88 million during the quarter, compared to the consensus estimate of $211.52 million. During the same quarter last year, the firm earned $1.10 EPS. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities research analysts forecast that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a dividend of $0.2710 per share. The ex-dividend date of this dividend is Friday, October 30th. This is an increase from Agree Realty’s previous monthly dividend of $0.2670. This represents a $3.25 annualized dividend and a yield of 4.8%. Agree Realty’s payout ratio is presently 164.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Stifel Nicolaus cut their price target on Agree Realty from $81.50 to $76.50 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Citigroup decreased their target price on Agree Realty from $82.50 to $72.00 and set a “neutral” rating on the stock in a research note on Friday, October 23rd. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Huntington initiated coverage on Agree Realty in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $84.00 price target for the company. Finally, Barclays cut their target price on shares of Agree Realty from $85.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.85.

Insider Buying and Selling at Agree Realty

In related news, insider Craig Erlich acquired 1,000 shares of the firm’s stock in a transaction on Monday, September 21st. The shares were acquired at an average cost of $67.55 per share, for a total transaction of $67,550.00. Following the completion of the transaction, the insider directly owned 60,388 shares in the company, valued at approximately $4,079,209.40. This trade represents a 1.68% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joey Agree acquired 7,360 shares of the stock in a transaction dated Wednesday, September 16th. The stock was bought at an average cost of $68.06 per share, with a total value of $500,921.60. Following the completion of the purchase, the chief executive officer directly owned 682,465 shares in the company, valued at approximately $46,448,567.90. The trade was a 1.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 48,496 shares of company stock worth $3,418,670 over the last ninety days. Company insiders own 1.80% of the company’s stock.

Agree Realty Profile

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.