Lighthouse Investment Partners LLC Grows Stake in Agree Realty Corporation $ADC

Lighthouse Investment Partners LLC increased its position in shares of Agree Realty Corporation (NYSE:ADC) by 16.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 210,000 shares of the real estate investment trust’s stock after purchasing an additional 30,000 shares during the quarter. Lighthouse Investment Partners LLC owned 0.18% of Agree Realty worth $14,918,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Agree Realty by 2.2% in the third quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after buying an additional 329,892 shares in the last quarter. State Street Corp boosted its position in shares of Agree Realty by 7.1% in the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock worth $422,629,000 after buying an additional 381,438 shares in the last quarter. Centersquare Investment Management LLC grew its stake in Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after acquiring an additional 51,269 shares during the last quarter. Geode Capital Management LLC increased its holdings in Agree Realty by 6.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock valued at $205,489,000 after acquiring an additional 170,827 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Agree Realty by 0.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock valued at $167,825,000 after acquiring an additional 15,389 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This trade represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the transaction, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at $1,294,371.20. This trade represents a 2.77% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 39,500 shares of company stock worth $2,813,680 over the last quarter. 1.80% of the stock is currently owned by insiders.

Agree Realty Stock Down 0.6%

Shares of NYSE ADC opened at $79.18 on Monday. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $82.08. The firm’s 50 day moving average price is $75.68 and its 200 day moving average price is $73.80. The firm has a market cap of $9.50 billion, a P/E ratio of 44.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81.

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 paid a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, March 31st. Agree Realty’s dividend payout ratio is currently 177.40%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Evercore reduced their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Royal Bank Of Canada raised their price objective on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Stifel Nicolaus upped their target price on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, Barclays increased their target price on Agree Realty from $78.00 to $81.00 and gave the company an “equal weight” rating in a report on Friday. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.