Metis Global Partners LLC Grows Position in Agree Realty Corporation $ADC

Metis Global Partners LLC raised its position in shares of Agree Realty Corporation (NYSE:ADC) by 36.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,753 shares of the real estate investment trust’s stock after acquiring an additional 6,570 shares during the period. Metis Global Partners LLC’s holdings in Agree Realty were worth $1,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Westwood Holdings Group Inc. purchased a new stake in shares of Agree Realty during the 2nd quarter valued at about $65,376,000. Norges Bank bought a new stake in Agree Realty during the second quarter worth approximately $65,030,000. Vanguard Group Inc. raised its position in Agree Realty by 2.7% during the second quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock valued at $1,119,037,000 after purchasing an additional 403,048 shares during the period. State Street Corp lifted its stake in shares of Agree Realty by 7.1% in the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after purchasing an additional 381,438 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Agree Realty by 85.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 678,984 shares of the real estate investment trust’s stock worth $48,235,000 after purchasing an additional 313,431 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Agree Realty

In related news, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Agree acquired 24,000 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were bought at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman directly 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 39,500 shares of company stock valued at $2,813,680 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the topic of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, January 21st. Evercore decreased their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Mizuho dropped their price objective on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Finally, Royal Bank Of Canada increased their price target on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Agree Realty Trading Up 1.9%

ADC opened at $78.02 on Monday. 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 firm has a market cap of $9.36 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 2.77 and a beta of 0.54. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $79.65. The stock has a fifty day moving average price of $72.60 and a 200-day moving average price of $72.86.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s payout ratio is currently 177.40%.

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.