Huntington National Bank held its position in shares of Agree Realty Corp. (NYSE:ADC) during the second quarter, Holdings Channel reports. The institutional investor owned 71,931 shares of the real estate investment trust’s stock at the end of the second quarter. Huntington National Bank’s holdings in Agree Realty Corp. were worth $2,372,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Credit Agricole S A boosted its position in shares of Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 3,743 shares in the last quarter. Norris Perne & French LLP MI purchased a new position in Agree Realty Corp. during the second quarter valued at $236,000. Aperio Group LLC boosted its position in Agree Realty Corp. by 26.2% in the first quarter. Aperio Group LLC now owns 7,723 shares of the real estate investment trust’s stock valued at $297,000 after buying an additional 1,602 shares in the last quarter. Capstone Asset Management Co. boosted its position in Agree Realty Corp. by 34.1% in the second quarter. Capstone Asset Management Co. now owns 7,473 shares of the real estate investment trust’s stock valued at $360,000 after buying an additional 1,900 shares in the last quarter. Finally, LPL Financial LLC boosted its position in Agree Realty Corp. by 14.5% in the first quarter. LPL Financial LLC now owns 9,396 shares of the real estate investment trust’s stock valued at $363,000 after buying an additional 1,190 shares in the last quarter. 80.71% of the stock is owned by institutional investors.
Agree Realty Corp. (NYSE:ADC) traded up 0.73% during trading on Friday, reaching $49.64. 167,641 shares of the company’s stock were exchanged. Agree Realty Corp. has a 12 month low of $29.15 and a 12 month high of $51.33. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 24.48 and a beta of 0.62. The firm’s 50-day moving average price is $47.99 and its 200-day moving average price is $44.35.
Agree Realty Corp. (NYSE:ADC) last announced its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The firm earned $21.84 million during the quarter, compared to the consensus estimate of $21.27 million. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. On average, equities research analysts anticipate that Agree Realty Corp. will post $2.52 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 3.87%. Agree Realty Corp.’s dividend payout ratio (DPR) is presently 93.20%.
Several equities analysts recently weighed in on the stock. Jefferies Group reissued a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Wunderlich raised their target price on shares of Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Stifel Nicolaus assumed coverage on shares of Agree Realty Corp. in a research note on Thursday, July 7th. They issued a “buy” rating and a $54.00 target price for the company. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $45.83.
Agree Realty Corp. 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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
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