Principal Financial Group Inc. Has $35,443,000 Stake in Agree Realty Corp. (ADC)
Principal Financial Group Inc. boosted its stake in Agree Realty Corp. (NYSE:ADC) by 35.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 734,711 shares of the real estate investment trust’s stock after buying an additional 193,993 shares during the period. Principal Financial Group Inc. owned 3.14% of Agree Realty Corp. worth $35,443,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in shares of Agree Realty Corp. during the first quarter worth approximately $940,000. Geode Capital Management LLC increased its position in shares of Agree Realty Corp. by 8.0% in the first quarter. Geode Capital Management LLC now owns 132,790 shares of the real estate investment trust’s stock worth $5,108,000 after buying an additional 9,890 shares during the last quarter. Credit Agricole S A increased its position in shares of Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock worth $188,000 after buying an additional 3,743 shares during the last quarter. Menta Capital LLC increased its position in shares of Agree Realty Corp. by 132.7% in the first quarter. Menta Capital LLC now owns 69,309 shares of the real estate investment trust’s stock worth $2,666,000 after buying an additional 39,522 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Agree Realty Corp. by 6.4% in the first quarter. JPMorgan Chase & Co. now owns 36,693 shares of the real estate investment trust’s stock worth $1,411,000 after buying an additional 2,193 shares during the last quarter. 80.71% of the stock is currently owned by institutional investors and hedge funds.
Agree Realty Corp. (NYSE:ADC) traded down 0.27% during mid-day trading on Wednesday, reaching $47.56. 28,444 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $48.04 and a 200-day moving average price of $44.19. Agree Realty Corp. has a 1-year low of $29.15 and a 1-year high of $51.33. The stock has a market cap of $1.11 billion, a P/E ratio of 23.45 and a beta of 0.62.
Agree Realty Corp. (NYSE:ADC) last announced its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. The business had revenue of $21.84 million for the quarter, compared to the consensus estimate of $21.27 million. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. Equities research analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.48 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 annualized dividend and a yield of 4.03%. Agree Realty Corp.’s dividend payout ratio (DPR) is currently 93.20%.
A number of research analysts recently commented on ADC shares. Jefferies Group reaffirmed a “buy” rating on shares of Agree Realty Corp. in a research report on Monday, August 29th. Wunderlich boosted their price objective on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Finally, Stifel Nicolaus started coverage on shares of Agree Realty Corp. in a research report on Thursday, July 7th. They set a “buy” rating and a $54.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $45.83.
About Agree Realty Corp.
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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