Duff & Phelps Investment Management Co. Acquires 634,520 Shares of Agree Realty Corporation $ADC

Duff & Phelps Investment Management Co. lifted its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 311.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 838,570 shares of the real estate investment trust’s stock after purchasing an additional 634,520 shares during the quarter. Duff & Phelps Investment Management Co. owned 0.73% of Agree Realty worth $59,572,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 2.2% during the third quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock worth $1,111,533,000 after acquiring an additional 329,892 shares during the period. State Street Corp raised its stake in shares of Agree Realty by 7.1% in the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after purchasing an additional 381,438 shares during the period. Centersquare Investment Management LLC raised its stake in shares of Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after purchasing an additional 51,269 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Agree Realty by 6.8% in the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock valued at $205,489,000 after purchasing an additional 170,827 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Agree Realty by 65.6% during the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after buying an additional 799,185 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 0.9%

ADC stock opened at $79.76 on Thursday. Agree Realty Corporation has a one year low of $68.98 and a one year high of $82.08. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 45.06, a price-to-earnings-growth ratio of 3.13 and a beta of 0.52. The company has a fifty day moving average price of $75.39 and a two-hundred day moving average price of $73.69. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Agree Realty’s dividend payout ratio (DPR) is currently 177.40%.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction on Friday, January 9th. The shares were purchased at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares in the company, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter Coughenour bought 500 shares of the stock in a transaction dated Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, for a total transaction 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 approximately $1,294,371.20. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on ADC shares. Royal Bank Of Canada upped their price target on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Stifel Nicolaus increased their target price on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Barclays increased their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Mizuho lifted their target price on Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $82.32.

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.