Agree Realty Corporation $ADC Shares Sold by Bridgefront Capital LLC

Bridgefront Capital LLC decreased its stake in shares of Agree Realty Corporation (NYSE:ADC) by 37.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 19,818 shares of the real estate investment trust’s stock after selling 11,649 shares during the quarter. Bridgefront Capital LLC’s holdings in Agree Realty were worth $1,408,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADC. Vanguard Group Inc. grew its holdings in Agree Realty by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after buying an additional 329,892 shares in the last quarter. State Street Corp increased 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 worth $422,629,000 after acquiring an additional 381,438 shares during the last quarter. Centersquare Investment Management LLC raised its holdings in shares of Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after acquiring an additional 51,269 shares during the period. Geode Capital Management LLC raised its holdings in shares of Agree Realty by 6.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after acquiring an additional 170,827 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Agree Realty by 0.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock valued at $167,825,000 after acquiring an additional 15,389 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ADC shares. Barclays upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “equal weight” rating in a report on Friday. Wells Fargo & Company boosted their target price on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Weiss Ratings raised shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus raised their price target 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. Finally, UBS Group lifted their price target on shares of Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $82.59.

Insider Activity

In other news, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The shares were purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Stock Down 0.6%

Agree Realty stock opened at $79.18 on Friday. The company has a market capitalization of $9.50 billion, a PE ratio of 44.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.52. 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 fifty-two week low of $68.98 and a fifty-two week high of $82.08. The firm has a 50 day moving average price of $75.68 and a 200 day moving average price of $73.79.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.262 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. 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%.

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.