Citadel Advisors LLC Purchases 626,701 Shares of Agree Realty Co. (NYSE:ADC)

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Citadel Advisors LLC boosted its position in Agree Realty Co. (NYSE:ADC) by 201.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 937,843 shares of the real estate investment trust’s stock after purchasing an additional 626,701 shares during the period. Citadel Advisors LLC owned approximately 2.23% of Agree Realty worth $60,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Pearl River Capital LLC purchased a new position in shares of Agree Realty during the second quarter worth approximately $80,000. Point72 Hong Kong Ltd increased its position in shares of Agree Realty by 127.6% during the second quarter. Point72 Hong Kong Ltd now owns 2,076 shares of the real estate investment trust’s stock worth $133,000 after acquiring an additional 1,164 shares during the period. USA Financial Portformulas Corp increased its position in shares of Agree Realty by 8.2% during the second quarter. USA Financial Portformulas Corp now owns 2,905 shares of the real estate investment trust’s stock worth $201,000 after acquiring an additional 221 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Agree Realty during the first quarter worth approximately $217,000. Finally, Nisa Investment Advisors LLC increased its holdings in Agree Realty by 87.7% during the second quarter. Nisa Investment Advisors LLC now owns 3,567 shares of the real estate investment trust’s stock valued at $228,000 after buying an additional 1,667 shares during the period.

ADC stock traded up $0.45 during trading on Friday, hitting $73.40. 791,168 shares of the company’s stock traded hands, compared to its average volume of 255,814. The firm has a market capitalization of $3.08 billion, a P/E ratio of 25.75, a PEG ratio of 4.07 and a beta of 0.04. The business has a fifty day simple moving average of $72.01 and a two-hundred day simple moving average of $67.96. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a 1 year low of $50.72 and a 1 year high of $76.23.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Monday, July 22nd. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.29). The business had revenue of $44.92 million for the quarter, compared to analysts’ expectations of $44.05 million. Agree Realty had a net margin of 39.76% and a return on equity of 5.19%. On average, equities research analysts predict that Agree Realty Co. will post 3.03 EPS for the current fiscal year.

The firm also recently disclosed a — dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.57 per share. This represents a yield of 3.1%. The ex-dividend date is Thursday, September 26th. Agree Realty’s payout ratio is 80.00%.

In other Agree Realty news, Director Farris G. Kalil sold 1,034 shares of Agree Realty stock in a transaction on Monday, July 1st. The shares were sold at an average price of $63.70, for a total value of $65,865.80. Following the transaction, the director now directly owns 8,000 shares of the company’s stock, valued at $509,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Rakolta, Jr. purchased 10,000 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was purchased at an average cost of $64.20 per share, for a total transaction of $642,000.00. Following the completion of the acquisition, the director now directly owns 216,088 shares of the company’s stock, valued at approximately $13,872,849.60. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by insiders.

Several brokerages recently issued reports on ADC. Wells Fargo & Co reissued a “buy” rating and set a $82.00 price objective on shares of Agree Realty in a report on Friday, August 30th. Zacks Investment Research lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $75.00.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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