Vestcor Inc Decreases Position in Agree Realty Corporation $ADC

Vestcor Inc lowered its position in Agree Realty Corporation (NYSE:ADC) by 44.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 12,172 shares of the real estate investment trust’s stock after selling 9,673 shares during the period. Vestcor Inc’s holdings in Agree Realty were worth $865,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Agree Realty by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock worth $1,111,533,000 after buying an additional 329,892 shares in the last quarter. State Street Corp increased its holdings in Agree Realty by 7.1% during the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after acquiring an additional 381,438 shares in the last quarter. Centersquare Investment Management LLC increased its holdings in Agree Realty by 1.8% during 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 in the last quarter. Geode Capital Management LLC raised its position in Agree Realty by 6.8% during the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after acquiring an additional 170,827 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Agree Realty by 65.6% during the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after acquiring an additional 799,185 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

ADC has been the topic of several research reports. Barclays increased their price target on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Evercore cut their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. UBS Group increased their target price on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus raised their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $82.32.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree bought 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This represents a 17.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. bought 15,000 shares of Agree Realty stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the acquisition, the director directly owned 562,606 shares of the company’s stock, valued at $40,608,901.08. The trade was a 2.74% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 39,500 shares of company stock worth $2,813,680 in the last ninety days. Insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 0.5%

Agree Realty stock traded up $0.38 during trading on Friday, reaching $80.04. The company had a trading volume of 106,751 shares, compared to its average volume of 1,344,077. Agree Realty Corporation has a 12-month low of $68.98 and a 12-month high of $82.08. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50 day moving average price is $75.54 and its two-hundred day moving average price is $73.73. The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 3.10 and a beta of 0.52.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid 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 dividend yield of 3.9%. Agree Realty’s payout ratio is currently 177.40%.

Agree Realty Company Profile

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.