Rush Island Management LP Acquires New Shares in Agree Realty Corporation $ADC

Rush Island Management LP acquired a new position in shares of Agree Realty Corporation (NYSE:ADC) in the first quarter, HoldingsChannel.com reports. The firm acquired 677,438 shares of the real estate investment trust’s stock, valued at approximately $51,065,000. Agree Realty makes up about 3.4% of Rush Island Management LP’s portfolio, making the stock its 11th largest position.

Other large investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in Agree Realty by 3.0% in the first quarter. The Manufacturers Life Insurance Company now owns 90,835 shares of the real estate investment trust’s stock worth $6,847,000 after buying an additional 2,662 shares during the period. Quantinno Capital Management LP grew its position in shares of Agree Realty by 92.5% during the first quarter. Quantinno Capital Management LP now owns 120,322 shares of the real estate investment trust’s stock worth $9,070,000 after acquiring an additional 57,829 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Agree Realty by 4.7% during the first quarter. Lazard Asset Management LLC now owns 19,615 shares of the real estate investment trust’s stock worth $1,479,000 after acquiring an additional 880 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new position in shares of Agree Realty during the first quarter worth about $320,000. Finally, Entropy Technologies LP increased its holdings in shares of Agree Realty by 100.8% in the 1st quarter. Entropy Technologies LP now owns 59,562 shares of the real estate investment trust’s stock worth $4,490,000 after acquiring an additional 29,899 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

NYSE ADC opened at $81.24 on Wednesday. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $9.76 billion, a PE ratio of 43.91, a P/E/G ratio of 2.67 and a beta of 0.47. The company’s 50 day simple moving average is $76.32 and its 200 day simple moving average is $76.34.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.267 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 Friday, July 31st. Agree Realty’s dividend payout ratio (DPR) is presently 172.97%.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction dated Thursday, May 14th. The shares were bought at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the transaction, the director owned 34,465 shares in the company, valued at $2,587,976.85. This trade represents a 2.22% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard Agree acquired 5,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was purchased at an average cost of $71.41 per share, for a total transaction of $357,050.00. Following the purchase, the chairman directly owned 90,512 shares in the company, valued at approximately $6,463,461.92. This represents a 5.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 19,045 shares of company stock valued at $1,415,943. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ADC has been the topic of several recent research reports. Robert W. Baird lifted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. BMO Capital Markets cut shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price for the company. in a research report on Friday, April 17th. Jefferies Financial Group started coverage on shares of Agree Realty in a research note on Monday, June 1st. They issued a “buy” rating and a $84.00 price target on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Agree Realty in a report on Thursday, July 2nd. Finally, Barclays lifted their price objective on shares of Agree Realty from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $83.88.

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.