Bank of America Corp DE raised its stake in Agree Realty Corporation (NYSE:ADC) by 109.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,162 shares of the real estate investment trust’s stock after buying an additional 23,611 shares during the period. Bank of America Corp DE’s holdings in Agree Realty Corporation were worth $2,166,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADC. Schwab Charles Investment Management Inc. increased its position in shares of Agree Realty Corporation by 10.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 111,489 shares of the real estate investment trust’s stock valued at $5,348,000 after buying an additional 10,958 shares during the period. Invictus RG boosted its stake in shares of Agree Realty Corporation by 1,168.6% in the first quarter. Invictus RG now owns 6,952 shares of the real estate investment trust’s stock worth $333,000 after buying an additional 6,404 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Agree Realty Corporation by 4,812.0% in the first quarter. BlackRock Inc. now owns 3,713,482 shares of the real estate investment trust’s stock worth $178,099,000 after buying an additional 3,637,882 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Agree Realty Corporation by 13.4% in the first quarter. Dimensional Fund Advisors LP now owns 365,219 shares of the real estate investment trust’s stock worth $17,516,000 after buying an additional 43,297 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Agree Realty Corporation by 2.7% in the first quarter. Geode Capital Management LLC now owns 211,551 shares of the real estate investment trust’s stock worth $10,145,000 after buying an additional 5,549 shares in the last quarter. Hedge funds and other institutional investors own 81.07% of the company’s stock.

Shares of Agree Realty Corporation (NYSE:ADC) traded down 1.32% during trading on Friday, hitting $48.51. The stock had a trading volume of 142,440 shares. The stock’s 50-day moving average is $47.61 and its 200-day moving average is $47.63. Agree Realty Corporation has a 12-month low of $41.01 and a 12-month high of $51.50. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 21.82 and a beta of 0.59.

Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.17. The company had revenue of $28.10 million for the quarter, compared to analyst estimates of $27.66 million. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.62 earnings per share. On average, equities research analysts expect that Agree Realty Corporation will post $1.87 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a dividend of $0.505 per share. This is a positive change from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date was Wednesday, June 28th. This represents a $2.02 annualized dividend and a dividend yield of 4.16%. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 90.58%.

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ADC has been the subject of a number of research reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $49.00 price target on shares of Agree Realty Corporation in a research report on Monday, April 17th. Stifel Nicolaus lifted their price target on Agree Realty Corporation from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, April 25th. FBR & Co reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research report on Saturday, May 6th. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research report on Saturday, May 20th. Finally, BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Agree Realty Corporation has a consensus rating of “Buy” and a consensus target price of $51.89.

In other news, Director William S. Rubenfaer acquired 2,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average price of $44.92 per share, with a total value of $112,300.00. Following the completion of the acquisition, the director now owns 20,101 shares in the company, valued at approximately $902,936.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.40% of the company’s stock.

Agree Realty Corporation 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). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

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Institutional Ownership by Quarter for Agree Realty Corporation (NYSE:ADC)

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