Louisiana State Employees Retirement System Acquires 800 Shares of Agree Realty Corporation (NYSE:ADC)
Louisiana State Employees Retirement System raised its position in shares of Agree Realty Corporation (NYSE:ADC) by 7.5% during the second quarter, Holdings Channel reports. The institutional investor owned 11,500 shares of the real estate investment trust’s stock after buying an additional 800 shares during the period. Louisiana State Employees Retirement System’s holdings in Agree Realty Corporation were worth $528,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Glen Harbor Capital Management LLC acquired a new stake in Agree Realty Corporation during the first quarter worth about $101,000. Ameritas Investment Partners Inc. acquired a new stake in Agree Realty Corporation during the first quarter worth about $102,000. Bank of Montreal Can increased its stake in Agree Realty Corporation by 300.8% in the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after buying an additional 1,868 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake 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 worth $189,000 after buying an additional 80 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in Agree Realty Corporation by 6.2% in the first quarter. Neuberger Berman Group LLC now owns 5,529 shares of the real estate investment trust’s stock worth $265,000 after buying an additional 325 shares in the last quarter. 81.07% of the stock is owned by hedge funds and other institutional investors.
Shares of Agree Realty Corporation (NYSE ADC) traded down 1.36% during mid-day trading on Friday, hitting $48.49. 81,517 shares of the stock were exchanged. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 21.81 and a beta of 0.59. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The stock’s 50-day moving average is $47.57 and its 200-day moving average is $47.62.
Agree Realty Corporation (NYSE:ADC) last released its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.17. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The company had revenue of $28.10 million during the quarter, compared to analyst estimates of $27.66 million. During the same period last year, the business earned $0.62 earnings per share. Agree Realty Corporation’s revenue was up 28.7% compared to the same quarter last year. Analysts forecast that Agree Realty Corporation will post $1.87 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a $0.505 dividend. This is a positive change from Agree Realty Corporation’s previous quarterly dividend of $0.50. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Wednesday, June 28th. Agree Realty Corporation’s dividend payout ratio (DPR) is 90.58%.
A number of research firms have issued reports on ADC. FBR & Co set a $56.00 price objective on shares of Agree Realty Corporation and gave the company a “buy” rating in a report on Wednesday, June 14th. Canaccord Genuity reissued a “buy” rating and issued a $53.00 price objective on shares of Agree Realty Corporation in a report on Monday, July 24th. BidaskClub raised shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Raymond James Financial, Inc. reissued a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $49.00 price objective on shares of Agree Realty Corporation in a report on Monday, April 17th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Agree Realty Corporation currently has an average rating of “Buy” and a consensus price target of $51.89.
In other news, Director William S. Rubenfaer acquired 2,500 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was bought at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the transaction, the director now owns 20,101 shares of the company’s stock, valued at $902,936.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is currently owned by company insiders.
About Agree Realty Corporation
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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