Agree Realty Corporation $ADC Shares Sold by Bridgefront Capital LLC

Bridgefront Capital LLC lowered its holdings in Agree Realty Corporation (NYSE:ADC) by 37.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,818 shares of the real estate investment trust’s stock after selling 11,649 shares during the quarter. Bridgefront Capital LLC’s holdings in Agree Realty were worth $1,408,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Centersquare Investment Management LLC grew its position in Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after purchasing an additional 51,269 shares during the period. Strs Ohio raised its stake in shares of Agree Realty by 79.2% during the 3rd quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock valued at $13,817,000 after buying an additional 85,935 shares during the last quarter. AGP Franklin LLC acquired a new position in shares of Agree Realty in the 3rd quarter valued at about $1,398,000. Cetera Investment Advisers lifted its holdings in shares of Agree Realty by 4.4% in the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after buying an additional 1,351 shares during the period. Finally, Azzad Asset Management Inc. ADV purchased a new stake in shares of Agree Realty in the third quarter worth about $971,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on ADC shares. 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. Stifel Nicolaus upped their price objective on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Barclays raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Friday. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Finally, Wells Fargo & Company increased their price target on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.59.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. bought 15,000 shares of Agree Realty stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree purchased 24,000 shares of the firm’s stock in a transaction dated Friday, January 9th. The stock was acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the purchase, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 39,500 shares of company stock worth $2,813,680 over the last three months. Insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $79.18 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $82.08. The firm has a market capitalization of $9.50 billion, a PE ratio of 44.73, a P/E/G ratio of 3.08 and a beta of 0.52. The business’s 50 day moving average price is $75.68 and its 200-day moving average price is $73.79.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.262 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is presently 177.40%.

About Agree Realty

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.