Quantbot Technologies LP Reduces Holdings in Agree Realty Corporation $ADC

Quantbot Technologies LP decreased its position in Agree Realty Corporation (NYSE:ADC) by 28.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 146,367 shares of the real estate investment trust’s stock after selling 58,364 shares during the quarter. Quantbot Technologies LP’s holdings in Agree Realty were worth $10,398,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Agree Realty by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after purchasing an additional 329,892 shares during the last quarter. State Street Corp lifted its stake 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 during the period. Centersquare Investment Management LLC boosted its holdings in shares of 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 during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 valued at $205,489,000 after purchasing an additional 170,827 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Agree Realty by 65.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after buying an additional 799,185 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In related news, Director John Rakolta, Jr. bought 15,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The stock was bought at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the purchase, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Peter Coughenour bought 500 shares of the company’s stock in a transaction on Friday, January 9th. The shares were bought at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the transaction, the chief financial officer owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 39,500 shares of company stock valued at $2,813,680 in the last three months. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADC shares. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Mizuho reduced their price objective on Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Wells Fargo & Company raised their target price on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Evercore cut their price target on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Stock Performance

Shares of ADC stock opened at $80.57 on Friday. Agree Realty Corporation has a 52-week low of $68.98 and a 52-week high of $81.17. The company’s 50 day moving average is $73.99 and its 200 day moving average is $73.23. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of 45.52, a PEG ratio of 3.10 and a beta of 0.54. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s dividend payout ratio (DPR) is presently 177.40%.

Agree Realty 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.