Insight Capital Research & Management Inc. acquired a new position in shares of Agree Realty Corp. (NYSE:ADC) during the second quarter, Holdings Channel reports. The firm acquired 51,766 shares of the real estate investment trust’s stock, valued at approximately $2,497,000.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. raised its stake in Agree Realty Corp. by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 824,898 shares of the real estate investment trust’s stock worth $31,734,000 after buying an additional 14,857 shares during the period. Nuveen Asset Management LLC raised its stake in Agree Realty Corp. by 13.4% in the first quarter. Nuveen Asset Management LLC now owns 422,556 shares of the real estate investment trust’s stock worth $16,256,000 after buying an additional 49,916 shares during the period. BlackRock Group LTD raised its stake in Agree Realty Corp. by 13.6% in the first quarter. BlackRock Group LTD now owns 155,939 shares of the real estate investment trust’s stock worth $5,999,000 after buying an additional 18,692 shares during the period. Panagora Asset Management Inc. raised its stake in Agree Realty Corp. by 36.7% in the first quarter. Panagora Asset Management Inc. now owns 136,129 shares of the real estate investment trust’s stock worth $5,237,000 after buying an additional 36,535 shares during the period. Finally, Eagle Asset Management Inc. bought a new stake in Agree Realty Corp. during the second quarter worth $6,397,000. 80.71% of the stock is owned by hedge funds and other institutional investors.
Agree Realty Corp. (NYSE:ADC) traded down 2.12% during trading on Monday, reaching $48.39. The company’s stock had a trading volume of 232,074 shares. The firm’s 50-day moving average price is $48.16 and its 200 day moving average price is $44.90. Agree Realty Corp. has a 12-month low of $29.86 and a 12-month high of $51.33. The company has a market capitalization of $1.13 billion, a P/E ratio of 23.86 and a beta of 0.65.
Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.61. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The business had revenue of $21.84 million for the quarter, compared to the consensus estimate of $21.27 million. The company’s revenue was up 26.9% on a year-over-year basis. On average, analysts predict that Agree Realty Corp. will post $2.52 earnings per share for the current fiscal year.
The company 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. This represents a $1.92 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Wednesday, September 28th. Agree Realty Corp.’s payout ratio is 93.20%.
ADC has been the subject of a number of analyst reports. Stifel Nicolaus started coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They set a “buy” rating and a $54.00 price objective for the company. Jefferies Group restated a “buy” rating on shares of Agree Realty Corp. in a report on Monday, August 29th. Zacks Investment Research downgraded Agree Realty Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Finally, Wunderlich upped their target price on Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Agree Realty Corp. currently has a consensus rating of “Buy” and a consensus 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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