Monarch Partners Asset Management LLC boosted its position in shares of Agree Realty Corp. (NYSE:ADC) by 23.0% during the second quarter, Holdings Channel reports. The institutional investor owned 8,830 shares of the real estate investment trust’s stock after buying an additional 1,650 shares during the period. Monarch Partners Asset Management LLC’s holdings in Agree Realty Corp. were worth $426,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. increased 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 in the last quarter. Credit Agricole S A increased its stake in 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 worth $188,000 after buying an additional 3,743 shares in the last quarter. BlackRock Group LTD increased 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 in the last quarter. Commonwealth Equity Services Inc purchased a new stake in Agree Realty Corp. during the first quarter worth about $562,000. Finally, Aperio Group LLC increased its stake 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 worth $297,000 after buying an additional 1,602 shares in the last quarter. Institutional investors and hedge funds own 80.71% of the company’s stock.
Agree Realty Corp. (NYSE:ADC) traded up 0.40% on Thursday, reaching $45.62. The company had a trading volume of 298,806 shares. Agree Realty Corp. has a 1-year low of $30.36 and a 1-year high of $51.33. The stock has a market capitalization of $1.07 billion, a P/E ratio of 22.50 and a beta of 0.65. The stock’s 50 day moving average is $48.07 and its 200-day moving average is $45.04.
Agree Realty Corp. (NYSE:ADC) last posted its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate 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 firm’s quarterly revenue was up 26.9% on a year-over-year basis. On average, equities analysts predict that Agree Realty Corp. will post $2.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s dividend payout ratio (DPR) is 93.20%.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Agree Realty Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Group reiterated a “buy” rating on shares of Agree Realty Corp. in a research note on Monday, August 29th. Stifel Nicolaus assumed 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. Finally, Wunderlich boosted their price objective on Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target 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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