Karp Capital Management Corp Invests $592,000 in Agree Realty Corporation (ADC)
Karp Capital Management Corp purchased a new stake in shares of Agree Realty Corporation (NYSE:ADC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,345 shares of the real estate investment trust’s stock, valued at approximately $592,000.
A number of other institutional investors have also recently bought and sold shares of ADC. Glen Harbor Capital Management LLC purchased a new position in Agree Realty Corporation during the first quarter valued at about $101,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Agree Realty Corporation by 2.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,935 shares of the real estate investment trust’s stock valued at $189,000 after buying an additional 80 shares in the last quarter. Bowling Portfolio Management LLC boosted its position in Agree Realty Corporation by 49.0% in the fourth quarter. Bowling Portfolio Management LLC now owns 7,432 shares of the real estate investment trust’s stock valued at $342,000 after buying an additional 2,444 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in Agree Realty Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the real estate investment trust’s stock valued at $513,000 after buying an additional 200 shares in the last quarter. Finally, Allianz Asset Management AG purchased a new position in Agree Realty Corporation during the fourth quarter valued at about $609,000. Institutional investors and hedge funds own 88.41% of the company’s stock.
Agree Realty Corporation (NYSE:ADC) opened at 47.56 on Thursday. Agree Realty Corporation has a one year low of $41.01 and a one year high of $51.50. The company has a market cap of $1.24 billion, a PE ratio of 22.08 and a beta of 0.61. The firm’s 50-day moving average price is $46.42 and its 200-day moving average price is $47.11.
Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, April 24th. The real estate investment trust reported $0.65 earnings per share for the quarter, meeting the consensus estimate of $0.65. The company had revenue of $26.56 million during the quarter, compared to analysts’ expectations of $26.11 million. Agree Realty Corporation had a return on equity of 8.33% and a net margin of 53.37%. The business’s quarterly revenue was up 31.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.61 earnings per share. On average, equities research analysts forecast that Agree Realty Corporation will post $1.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $0.505 dividend. This is a boost from Agree Realty Corporation’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.02 annualized dividend and a dividend yield of 4.25%. Agree Realty Corporation’s dividend payout ratio is presently 92.09%.
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Several research firms recently issued reports on ADC. FBR & Co set a $56.00 price target on Agree Realty Corporation and gave the company a “buy” rating in a report on Wednesday, June 14th. Wunderlich cut Agree Realty Corporation from a “buy” rating to a “hold” rating and raised their price target for the company from $49.00 to $51.00 in a report on Monday, February 27th. They noted that the move was a valuation call. Raymond James Financial, Inc. reiterated a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Zacks Investment Research cut Agree Realty Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, March 28th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $49.00 price target on shares of Agree Realty Corporation in a report on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $51.75.
In related news, Director William S. Rubenfaer purchased 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was bought at an average price of $44.92 per share, with a total value of $112,300.00. Following the completion of the purchase, the director now owns 20,101 shares in the company, valued at approximately $902,936.92. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, May 4th. The stock was bought at an average cost of $44.82 per share, with a total value of $448,200.00. Following the purchase, the director now owns 169,133 shares of the company’s stock, valued at approximately $7,580,541.06. The disclosure for this purchase can be found here. In the last three months, insiders bought 37,600 shares of company stock valued at $1,683,262. 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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