Lasalle Investment Management Securities LLC Purchases 429,469 Shares of Agree Realty Corporation $ADC

Lasalle Investment Management Securities LLC increased its position in Agree Realty Corporation (NYSE:ADC) by 208.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 635,405 shares of the real estate investment trust’s stock after purchasing an additional 429,469 shares during the period. Agree Realty accounts for about 1.8% of Lasalle Investment Management Securities LLC’s holdings, making the stock its 23rd biggest position. Lasalle Investment Management Securities LLC’s holdings in Agree Realty were worth $45,139,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its position in Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares during the period. Cornerstone Planning Group LLC raised its position in shares of Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 454 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Agree Realty by 158.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 356 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Agree Realty by 47.6% during the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Agree Realty by 114.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 437 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Up 1.0%

Shares of NYSE ADC opened at $80.57 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average of $73.99 and a 200-day moving average of $73.23. The firm has a market capitalization of $9.67 billion, a price-to-earnings ratio of 45.52, a PEG ratio of 3.13 and a beta of 0.54. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $81.17.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s payout ratio is currently 177.40%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADC. Mizuho lowered their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Royal Bank Of Canada lifted their price target on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Evercore dropped their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Wells Fargo & Company raised their target price on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Finally, Barclays lifted their target price on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.50.

Insider Transactions at Agree Realty

In related news, Chairman Richard Agree bought 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 39,500 shares of company stock valued at $2,813,680 in the last quarter. Insiders own 1.80% of the company’s stock.

Agree Realty Profile

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.