Lasalle Investment Management Securities LLC Acquires 45,195 Shares of Agree Realty Corporation $ADC

Lasalle Investment Management Securities LLC increased its holdings in Agree Realty Corporation (NYSE:ADC) by 6.7% in the first quarter, HoldingsChannel.com reports. The fund owned 719,719 shares of the real estate investment trust’s stock after acquiring an additional 45,195 shares during the period. Agree Realty comprises about 2.1% of Lasalle Investment Management Securities LLC’s portfolio, making the stock its 19th largest holding. Lasalle Investment Management Securities LLC’s holdings in Agree Realty were worth $54,252,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Agree Realty by 80.8% during the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock valued at $309,266,000 after purchasing an additional 1,918,427 shares during the period. Norges Bank purchased a new stake in shares of Agree Realty in the 4th quarter worth about $116,114,000. Engineers Gate Manager LP lifted its position in shares of Agree Realty by 3,043.2% in the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock worth $85,156,000 after purchasing an additional 1,144,617 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 41.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock valued at $204,813,000 after purchasing an additional 826,719 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its stake in shares of Agree Realty by 4.8% during the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock valued at $1,015,324,000 after purchasing an additional 649,301 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ADC. BMO Capital Markets downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 price target for the company. in a research note on Friday, April 17th. Jefferies Financial Group assumed coverage on Agree Realty in a research report on Monday, June 1st. They set a “buy” rating and a $84.00 price objective on the stock. Citigroup upped their target price on Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a report on Friday, April 24th. Huntington initiated coverage on Agree Realty in a research report on Wednesday, July 15th. They issued an “outperform” rating and a $84.00 target price for the company. Finally, Morgan Stanley set a $81.00 target price on Agree Realty in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average price target of $83.88.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree bought 13,295 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the purchase, the chief executive officer owned 675,105 shares of the company’s stock, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard Agree bought 5,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $71.41 per share, with a total value of $357,050.00. Following the completion of the acquisition, the chairman directly owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. The trade was a 5.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 19,045 shares of company stock worth $1,415,943. 1.80% of the stock is currently owned by company insiders.

Agree Realty Stock Performance

Shares of ADC stock opened at $80.16 on Thursday. The company’s fifty day moving average price is $75.89 and its 200-day moving average price is $76.08. The stock has a market cap of $9.63 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 2.67 and a beta of 0.47. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (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 during the quarter, compared to analyst estimates of $195.73 million. During the same period last year, the business earned $0.42 EPS. Agree Realty’s quarterly revenue was up 18.7% compared to the same quarter last year. On average, equities analysts expect that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

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