Nationwide Fund Advisors reduced its stake in shares of Agree Realty Co. (NYSE:ADC) by 22.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,932 shares of the real estate investment trust’s stock after selling 19,509 shares during the period. Nationwide Fund Advisors owned approximately 0.26% of Agree Realty worth $3,258,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its position in shares of Agree Realty by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the real estate investment trust’s stock worth $513,000 after buying an additional 200 shares during the last quarter. Dalton Greiner Hartman Maher & Co. increased its position in shares of Agree Realty by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 58,007 shares of the real estate investment trust’s stock worth $2,782,000 after buying an additional 228 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Agree Realty by 1.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 18,184 shares of the real estate investment trust’s stock worth $837,000 after buying an additional 231 shares in the last quarter. Teachers Advisors LLC increased its position in shares of Agree Realty by 1.2% in the third quarter. Teachers Advisors LLC now owns 36,968 shares of the real estate investment trust’s stock worth $1,828,000 after buying an additional 441 shares in the last quarter. Finally, Harrison Street Securities LLC increased its position in shares of Agree Realty by 10.6% in the third quarter. Harrison Street Securities LLC now owns 7,943 shares of the real estate investment trust’s stock worth $393,000 after buying an additional 759 shares in the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.
Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Monday, April 24th. The real estate investment trust reported $0.65 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.65. Agree Realty had a return on equity of 8.55% and a net margin of 55.60%. The firm had revenue of $26.56 million during the quarter, compared to analysts’ expectations of $26.11 million. During the same period in the previous year, the firm earned $0.61 EPS. The company’s quarterly revenue was up 31.3% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.505 per share. The ex-dividend date is Wednesday, June 28th. This represents a $2.02 dividend on an annualized basis and a dividend yield of 4.22%. This is a boost from Agree Realty’s previous quarterly dividend of $0.50. Agree Realty’s payout ratio is 92.09%.
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A number of equities research analysts recently commented on the stock. FBR & Co set a $56.00 price objective on shares of Agree Realty and gave the company a “buy” rating in a research note on Wednesday, June 14th. Wunderlich cut shares of Agree Realty from a “buy” rating to a “hold” rating and raised their price target for the stock from $49.00 to $51.00 in a research note on Monday, February 27th. They noted that the move was a valuation call. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Agree Realty in a research note on Saturday, May 20th. Zacks Investment Research cut shares of Agree Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $49.00 target price on shares of Agree Realty in a research report on Monday, April 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Agree Realty presently has an average rating of “Hold” and an average price target of $51.75.
In related news, insider Richard Agree purchased 25,000 shares of Agree Realty stock in a transaction on Thursday, May 4th. The shares were purchased at an average price of $44.73 per share, for a total transaction of $1,118,250.00. Following the transaction, the insider now owns 477,016 shares of the company’s stock, valued at approximately $21,336,925.68. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William S. Rubenfaer acquired 2,500 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was acquired at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the completion of the purchase, the director now directly owns 20,101 shares in the company, valued at $902,936.92. The disclosure for this purchase can be found here. Insiders have bought a total of 37,600 shares of company stock valued at $1,683,262 in the last three months. 4.40% of the stock is owned by insiders.
Agree Realty Company Profile
Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).
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