United Services Automobile Association Increases Stake in Agree Realty Co. (NYSE:ADC)

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United Services Automobile Association increased its holdings in Agree Realty Co. (NYSE:ADC) by 2.3% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,754 shares of the real estate investment trust’s stock after purchasing an additional 284 shares during the period. United Services Automobile Association’s holdings in Agree Realty were worth $817,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Voloridge Investment Management LLC purchased a new stake in Agree Realty during the 2nd quarter valued at $786,000. Nuveen Asset Management LLC boosted its position in Agree Realty by 257.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,389,031 shares of the real estate investment trust’s stock valued at $88,968,000 after buying an additional 1,000,331 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Agree Realty by 0.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 19,996 shares of the real estate investment trust’s stock valued at $1,281,000 after buying an additional 158 shares during the period. Citadel Advisors LLC boosted its position in Agree Realty by 201.4% during the 2nd quarter. Citadel Advisors LLC now owns 937,843 shares of the real estate investment trust’s stock valued at $60,069,000 after buying an additional 626,701 shares during the period. Finally, Point72 Hong Kong Ltd boosted its position in Agree Realty by 127.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,076 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 1,164 shares during the period.

Shares of NYSE ADC opened at $74.92 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a 12 month low of $51.16 and a 12 month high of $76.23. The firm has a market capitalization of $3.14 billion, a PE ratio of 26.29, a price-to-earnings-growth ratio of 4.16 and a beta of 0.01. The firm has a fifty day simple moving average of $73.58 and a two-hundred day simple moving average of $68.75.

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

The business also recently disclosed a — dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a yield of 3.1%. Agree Realty’s dividend payout ratio (DPR) is presently 80.00%.

Several brokerages have weighed in on ADC. Zacks Investment Research raised shares of Agree Realty from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Tuesday, September 24th. Wells Fargo & Co reissued a “buy” rating and set a $82.00 price target on shares of Agree Realty in a research report on Friday, August 30th. ValuEngine lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Berenberg Bank assumed coverage on shares of Agree Realty in a report on Tuesday, October 1st. They issued a “buy” rating and a $82.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $75.83.

About Agree Realty

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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