Elevation Point Wealth Partners LLC Buys 27,112 Shares of Agree Realty Corporation $ADC

Elevation Point Wealth Partners LLC boosted its stake in Agree Realty Corporation (NYSE:ADC) by 8,265.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,440 shares of the real estate investment trust’s stock after buying an additional 27,112 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Agree Realty were worth $1,956,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADC. Jane Street Group LLC boosted its position in shares of Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock valued at $2,112,000 after purchasing an additional 19,948 shares in the last quarter. ProShare Advisors LLC raised its holdings in Agree Realty by 6.8% in the second quarter. ProShare Advisors LLC now owns 4,868 shares of the real estate investment trust’s stock worth $356,000 after purchasing an additional 308 shares in the last quarter. Allworth Financial LP raised its holdings in Agree Realty by 41.7% in the second quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 262 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in Agree Realty by 35.2% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,383 shares of the real estate investment trust’s stock valued at $10,549,000 after buying an additional 37,570 shares during the period. Finally, Geode Capital Management LLC lifted its position in 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 buying an additional 170,827 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insider Activity

In other Agree Realty news, CFO Peter Coughenour acquired 500 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the transaction, the chief financial officer owned 18,544 shares of the company’s stock, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 15,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, 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 position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 39,500 shares of company stock worth $2,813,680 over the last 90 days. 1.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ADC shares. UBS Group upped their target price on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Evercore lowered their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Weiss Ratings raised shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Barclays upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Mizuho lifted their target price on shares of Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a report on Wednesday, March 11th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.59.

Agree Realty Price Performance

ADC opened at $79.18 on Monday. The firm has a market cap of $9.50 billion, a PE ratio of 44.73, a P/E/G ratio of 3.08 and a beta of 0.51. The stock has a 50-day moving average price of $75.68 and a 200-day moving average price of $73.80. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $82.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.262 per share. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is presently 177.40%.

About Agree Realty

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.