Rhumbline Advisers Raises Holdings in Agree Realty Co. (ADC)
Rhumbline Advisers raised its position in Agree Realty Co. (NYSE:ADC) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,320 shares of the real estate investment trust’s stock after buying an additional 1,706 shares during the quarter. Rhumbline Advisers owned about 0.30% of Agree Realty worth $5,435,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Motley Fool Wealth Management LLC bought a new stake in shares of Agree Realty in the third quarter valued at $203,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Agree Realty in the second quarter valued at $217,000. Amalgamated Bank bought a new stake in shares of Agree Realty in the second quarter valued at $233,000. Fox Run Management L.L.C. bought a new stake in shares of Agree Realty in the third quarter valued at $239,000. Finally, Vident Investment Advisory LLC bought a new stake in shares of Agree Realty in the second quarter valued at $242,000.
In other news, COO Laith Hermiz sold 3,500 shares of Agree Realty stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $58.00, for a total value of $203,000.00. Following the completion of the transaction, the chief operating officer now directly owns 28,328 shares in the company, valued at $1,643,024. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.70% of the stock is currently owned by insiders.
Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The company had revenue of $37.31 million during the quarter, compared to analysts’ expectations of $36.97 million. Agree Realty had a return on equity of 6.46% and a net margin of 44.17%. As a group, equities research analysts predict that Agree Realty Co. will post 2.87 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 21st will be given a $0.555 dividend. The ex-dividend date of this dividend is Thursday, December 20th. This is a boost from Agree Realty’s previous quarterly dividend of $0.54. This represents a $2.22 annualized dividend and a dividend yield of 3.56%. Agree Realty’s payout ratio is 79.41%.
Several brokerages have issued reports on ADC. Jefferies Financial Group set a $58.00 target price on Agree Realty and gave the company a “hold” rating in a research note on Monday, September 17th. ValuEngine upgraded Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Stifel Nicolaus boosted their target price on Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, September 10th. Finally, Wells Fargo & Co set a $63.00 target price on Agree Realty and gave the company a “buy” rating in a research note on Tuesday, September 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $58.00.
About Agree Realty
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2018, the Company owned and operated a portfolio of 520 properties, located in 45 states and containing approximately 10.0 million square feet of gross leasable space.
See Also: Debt-To-Equity Ratio
Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.