Agree Realty Corporation $ADC Shares Sold by Vestcor Inc

Vestcor Inc decreased its stake in Agree Realty Corporation (NYSE:ADC) by 44.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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.

Other hedge funds have also recently modified their holdings of the company. Westside Investment Management Inc. raised its stake in Agree Realty by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 454 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Agree Realty by 158.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Agree Realty by 47.6% during the third quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Agree Realty by 114.7% during the third quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 437 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ADC shares. Evercore decreased their target price 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 lifted their price target on Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Finally, Stifel Nicolaus lifted their target price on shares of Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $82.32.

Insider Buying and Selling

In related news, Director John Rakolta, Jr. purchased 15,000 shares of Agree Realty stock in a transaction dated 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 transaction, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Peter Coughenour purchased 500 shares of the firm’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 39,500 shares of company stock valued at $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC traded up $0.38 on Friday, hitting $80.04. 106,751 shares of the company’s stock were exchanged, compared to its average volume of 1,344,077. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The firm’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 cap of $9.61 billion, a price-to-earnings ratio of 45.24, a P/E/G ratio of 3.10 and a beta of 0.52. Agree Realty Corporation has a fifty-two week low of $68.98 and a fifty-two week high of $82.08.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.262 dividend. The ex-dividend date is Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 3.9%. Agree Realty’s dividend payout ratio (DPR) is 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.