Campbell & CO Investment Adviser LLC lessened its stake in Agree Realty Co. (NYSE:ADC) by 30.4% in the first quarter, Holdings Channel reports. The fund owned 2,941 shares of the real estate investment trust’s stock after selling 1,282 shares during the period. Campbell & CO Investment Adviser LLC’s holdings in Agree Realty were worth $204,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. FMR LLC raised its position in Agree Realty by 172.7% during the 4th quarter. FMR LLC now owns 1,150,010 shares of the real estate investment trust’s stock valued at $67,989,000 after purchasing an additional 728,368 shares during the last quarter. BlackRock Inc. raised its position in Agree Realty by 10.9% during the 4th quarter. BlackRock Inc. now owns 5,763,879 shares of the real estate investment trust’s stock valued at $340,764,000 after purchasing an additional 568,426 shares during the last quarter. Norges Bank bought a new position in Agree Realty during the 4th quarter valued at approximately $16,518,000. Monarch Partners Asset Management LLC bought a new position in Agree Realty during the 4th quarter valued at approximately $14,608,000. Finally, D. E. Shaw & Co. Inc. raised its position in Agree Realty by 340.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 174,839 shares of the real estate investment trust’s stock valued at $10,336,000 after purchasing an additional 135,148 shares during the last quarter. 97.69% of the stock is owned by institutional investors.
Shares of NYSE:ADC opened at $66.44 on Wednesday. Agree Realty Co. has a 52-week low of $50.72 and a 52-week high of $70.25. The company has a market capitalization of $2.73 billion, a PE ratio of 23.31, a PEG ratio of 3.70 and a beta of 0.13. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.75 and a quick ratio of 0.75.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.57 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.28 annualized dividend and a dividend yield of 3.43%. This is a positive change from Agree Realty’s previous quarterly dividend of $0.56. Agree Realty’s dividend payout ratio is currently 77.89%.
A number of research analysts have commented on the company. Citigroup upped their price target on Agree Realty from $61.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, February 27th. Raymond James upped their price target on Agree Realty from $68.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Monday, March 4th. Finally, Wells Fargo & Co upped their price target on Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Agree Realty has a consensus rating of “Buy” and an average target price of $66.33.
In related news, Director Craig Erlich purchased 750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were bought at an average price of $67.47 per share, for a total transaction of $50,602.50. Following the purchase, the director now directly owns 13,023 shares of the company’s stock, valued at approximately $878,661.81. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. purchased 6,801 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was bought at an average price of $66.19 per share, for a total transaction of $450,158.19. Following the purchase, the director now directly owns 206,088 shares in the company, valued at $13,640,964.72. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by corporate insiders.
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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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