Edgestream Partners L.P. Makes New Investment in Agree Realty Corporation $ADC

Edgestream Partners L.P. purchased a new stake in shares of Agree Realty Corporation (NYSE:ADC) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 143,314 shares of the real estate investment trust’s stock, valued at approximately $10,803,000.

Other large investors have also added to or reduced their stakes in the company. Private Advisor Group LLC lifted its stake in Agree Realty by 5.0% in the first quarter. Private Advisor Group LLC now owns 3,070 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 145 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Agree Realty by 2.7% during the 4th quarter. Evergreen Capital Management LLC now owns 5,946 shares of the real estate investment trust’s stock valued at $430,000 after buying an additional 154 shares during the last quarter. Azzad Asset Management Inc. ADV grew its stake in shares of Agree Realty by 1.1% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 14,199 shares of the real estate investment trust’s stock worth $1,070,000 after acquiring an additional 154 shares during the period. IFP Advisors Inc grew its stake in shares of Agree Realty by 18.2% during the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 171 shares during the period. Finally, IFM Investors Pty Ltd raised its stake in Agree Realty by 0.9% in the 1st quarter. IFM Investors Pty Ltd now owns 18,601 shares of the real estate investment trust’s stock valued at $1,402,000 after acquiring an additional 171 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 750 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were purchased 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 represents a 2.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joey Agree acquired 13,295 shares of Agree Realty stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the transaction, the chief executive officer owned 675,105 shares in the company, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 19,045 shares of company stock valued at $1,415,943 in the last quarter. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $80.38 on Thursday. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of 43.45, a P/E/G ratio of 2.70 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 1-year low of $69.56 and a 1-year high of $82.08. The stock’s 50-day moving average is $76.42 and its 200 day moving average is $76.41.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.267 per share. 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 currently 172.97%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of analyst reports. Citigroup boosted their target price on shares of Agree Realty from $77.00 to $82.50 and gave the company a “neutral” rating in a report on Friday, April 24th. Morgan Stanley set a $81.00 price target on Agree Realty in a report on Tuesday, April 21st. Barclays boosted their price objective on Agree Realty from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada increased their price objective on Agree Realty from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Finally, BMO Capital Markets downgraded Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price for the company. in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.