Elevation Point Wealth Partners LLC Buys 27,112 Shares of Agree Realty Corporation $ADC

Elevation Point Wealth Partners LLC grew its stake in shares of Agree Realty Corporation (NYSE:ADC) by 8,265.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,440 shares of the real estate investment trust’s stock after acquiring an additional 27,112 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Agree Realty were worth $1,956,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. AE Wealth Management LLC lifted its holdings in shares of Agree Realty by 3.5% during the 3rd quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock valued at $331,000 after buying an additional 156 shares during the period. QRG Capital Management Inc. increased its position in Agree Realty by 5.4% during the third quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock valued at $241,000 after acquiring an additional 174 shares during the last quarter. HighPoint Advisor Group LLC increased its position in Agree Realty by 5.8% during the third quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock valued at $225,000 after acquiring an additional 174 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Agree Realty by 3.4% in the second quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust’s stock valued at $454,000 after acquiring an additional 204 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in Agree Realty by 18.4% in the third quarter. Smartleaf Asset Management LLC now owns 1,368 shares of the real estate investment trust’s stock valued at $97,000 after acquiring an additional 213 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Down 0.6%

Shares of NYSE:ADC opened at $79.18 on Monday. The stock has a 50 day moving average of $75.68 and a 200 day moving average of $73.80. The company has a market cap of $9.50 billion, a PE ratio of 44.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 12-month low of $68.98 and a 12-month high of $82.08.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.262 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a c) annualized dividend and a yield of 4.0%. Agree Realty’s payout ratio is currently 177.40%.

Insiders Place Their Bets

In other news, Chairman Richard Agree purchased 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The stock was acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. This trade represents a 17.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The stock was purchased at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the purchase, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This represents a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 39,500 shares of company stock worth $2,813,680 over the last three months. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ADC shares. Stifel Nicolaus boosted their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Barclays increased their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Friday. Royal Bank Of Canada boosted their target price on shares of Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Evercore reduced their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Finally, UBS Group increased their price target on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $82.59.

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.