Teachers Insurance & Annuity Association of America raised its holdings in shares of Agree Realty Co. (NYSE:ADC) by 11.4% during the fourth quarter, Holdings Channel reports. The fund owned 31,513 shares of the real estate investment trust’s stock after buying an additional 3,219 shares during the period. Teachers Insurance & Annuity Association of America’s holdings in Agree Realty were worth $1,621,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Delpha Capital Management LLC purchased a new stake in shares of Agree Realty during the fourth quarter valued at approximately $109,000. Victory Capital Management Inc. boosted its stake in shares of Agree Realty by 154.5% during the third quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after purchasing an additional 1,815 shares during the period. Schroder Investment Management Group purchased a new stake in shares of Agree Realty during the third quarter valued at approximately $185,000. Amalgamated Bank purchased a new stake in shares of Agree Realty during the fourth quarter valued at approximately $211,000. Finally, SG Americas Securities LLC boosted its stake in shares of Agree Realty by 65.5% during the third quarter. SG Americas Securities LLC now owns 4,581 shares of the real estate investment trust’s stock valued at $225,000 after purchasing an additional 1,813 shares during the period. Institutional investors and hedge funds own 96.43% of the company’s stock.
Shares of Agree Realty Co. (NYSE:ADC) opened at $49.48 on Tuesday. Agree Realty Co. has a 52 week low of $43.74 and a 52 week high of $53.65. The company has a market capitalization of $1,425.54, a price-to-earnings ratio of 18.01, a P/E/G ratio of 3.37 and a beta of 0.45. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.57.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Wednesday, March 28th. Agree Realty’s payout ratio is 99.52%.
A number of analysts have recently weighed in on ADC shares. Zacks Investment Research raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, February 6th. B. Riley set a $58.00 price objective on Agree Realty and gave the company a “buy” rating in a research note on Tuesday, November 14th. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. Ladenburg Thalmann Financial Services set a $55.00 price objective on Agree Realty and gave the company a “buy” rating in a research note on Friday, January 19th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $55.00 price objective on shares of Agree Realty in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. Agree Realty has an average rating of “Buy” and an average price target of $55.13.
In other Agree Realty news, Director John Rakolta, Jr. purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was bought at an average price of $47.19 per share, with a total value of $589,875.00. Following the completion of the purchase, the director now directly owns 189,933 shares of the company’s stock, valued at approximately $8,962,938.27. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.40% of the company’s stock.
About Agree Realty
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). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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