Oak Thistle LLC Purchases 27,115 Shares of Agree Realty Corporation $ADC

Oak Thistle LLC grew its position in Agree Realty Corporation (NYSE:ADC) by 757.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 30,694 shares of the real estate investment trust’s stock after buying an additional 27,115 shares during the quarter. Oak Thistle LLC’s holdings in Agree Realty were worth $2,211,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADC. Westwood Holdings Group Inc. bought a new stake in Agree Realty during the second quarter worth about $65,376,000. JPMorgan Chase & Co. raised its holdings in Agree Realty by 65.6% during the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after acquiring an additional 799,185 shares in the last quarter. Duff & Phelps Investment Management Co. raised its holdings in Agree Realty by 311.0% during the third quarter. Duff & Phelps Investment Management Co. now owns 838,570 shares of the real estate investment trust’s stock worth $59,572,000 after acquiring an additional 634,520 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Agree Realty by 532.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 714,772 shares of the real estate investment trust’s stock worth $50,777,000 after acquiring an additional 601,689 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC raised its holdings in Agree Realty by 208.5% during the third quarter. Lasalle Investment Management Securities LLC now owns 635,405 shares of the real estate investment trust’s stock worth $45,139,000 after acquiring an additional 429,469 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction dated Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the transaction, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Peter Coughenour bought 500 shares of the firm’s stock in a transaction dated Friday, January 9th. The stock was purchased at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. The trade was a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 24,646 shares of company stock worth $1,742,031. Company insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $76.35 on Wednesday. The business’s 50 day moving average price is $77.20 and its two-hundred day moving average price is $74.28. The company has a market cap of $9.16 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 2.58 and a beta of 0.53. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a twelve month low of $68.98 and a twelve month high of $82.08.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Agree Realty’s payout ratio is 177.40%.

Analysts Set New Price Targets

Several research firms recently issued reports on ADC. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Barclays boosted their price target on Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. UBS Group boosted their price target on Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Stifel Nicolaus boosted their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.21.

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.