Systematic Financial Management LP Acquires Shares of 40,950 Agree Realty Corp. (ADC)
Systematic Financial Management LP acquired a new stake in Agree Realty Corp. (NYSE:ADC) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 40,950 shares of the real estate investment trust’s stock, valued at approximately $1,975,000. Systematic Financial Management LP owned 0.17% of Agree Realty Corp. as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in ADC. Commonwealth Equity Services Inc purchased a new position in shares of Agree Realty Corp. during the first quarter valued at about $562,000. Aperio Group LLC boosted its position in shares of Agree Realty Corp. by 26.2% in the first quarter. Aperio Group LLC now owns 7,723 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 1,602 shares during the last quarter. Virginia Retirement System purchased a new position in shares of Agree Realty Corp. during the first quarter valued at about $1,785,000. TIAA CREF Investment Management LLC boosted its position in shares of Agree Realty Corp. by 5.2% in the first quarter. TIAA CREF Investment Management LLC now owns 70,024 shares of the real estate investment trust’s stock valued at $2,694,000 after buying an additional 3,438 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its position in shares of Agree Realty Corp. by 24.7% in the first quarter. Teachers Advisors Inc. now owns 30,627 shares of the real estate investment trust’s stock valued at $1,178,000 after buying an additional 6,069 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.
Shares of Agree Realty Corp. (NYSE:ADC) traded up 0.88% during mid-day trading on Monday, reaching $46.82. The company’s stock had a trading volume of 35,988 shares. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 23.09 and a beta of 0.62. The company’s 50 day moving average price is $48.53 and its 200-day moving average price is $43.85. Agree Realty Corp. has a 1-year low of $28.80 and a 1-year high of $51.33.
Agree Realty Corp. (NYSE:ADC) last posted its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The firm’s quarterly revenue was up 26.9% on a year-over-year basis. Analysts predict that Agree Realty Corp. will post $2.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio is presently 93.20%.
Several research firms recently commented on ADC. Jefferies Group raised their target price on Agree Realty Corp. from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, May 31st. Stifel Nicolaus began coverage on Agree Realty Corp. in a report on Thursday, July 7th. They set a “buy” rating and a $54.00 target price on the stock. Finally, Wunderlich raised their target price on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Agree Realty Corp. has an average rating of “Buy” and a consensus target price of $45.83.
Agree Realty Corp. Company Profile
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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