Citadel Advisors LLC boosted its stake in Agree Realty Co. (NYSE:ADC) by 42.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 303,503 shares of the real estate investment trust’s stock after buying an additional 89,744 shares during the period. Citadel Advisors LLC’s holdings in Agree Realty were worth $15,612,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in ADC. Victory Capital Management Inc. grew its stake in Agree Realty by 154.5% in the 3rd quarter. Victory Capital Management Inc. now owns 2,990 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 1,815 shares during the last quarter. Schroder Investment Management Group acquired a new position in Agree Realty in the 3rd quarter valued at about $185,000. E&G Advisors LP acquired a new position in Agree Realty in the 3rd quarter valued at about $221,000. SG Americas Securities LLC grew its stake in Agree Realty by 65.5% in the 3rd quarter. SG Americas Securities LLC now owns 4,581 shares of the real estate investment trust’s stock valued at $225,000 after buying an additional 1,813 shares during the last quarter. Finally, GW&K Investment Management LLC acquired a new position in Agree Realty in the 4th quarter valued at about $233,000. Institutional investors and hedge funds own 89.72% of the company’s stock.
In other news, Director John Rakolta, Jr. purchased 3,300 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was bought at an average price of $49.67 per share, with a total value of $163,911.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Clayton R. Thelen purchased 1,010 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were purchased at an average cost of $49.56 per share, with a total value of $50,055.60. Following the acquisition, the chief financial officer now owns 5,073 shares in the company, valued at approximately $251,417.88. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
A number of research analysts recently commented on the stock. B. Riley reiterated a “buy” rating on shares of Agree Realty in a research note on Wednesday, November 1st. Zacks Investment Research upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, February 6th. FBR & Co restated a “buy” rating and set a $58.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Stifel Nicolaus restated a “buy” rating and set a $54.00 target price on shares of Agree Realty in a research report on Tuesday, October 24th. Finally, Ladenburg Thalmann Financial Services set a $55.00 target price on shares of Agree Realty and gave the stock a “buy” rating in a research report on Friday, January 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. Agree Realty has an average rating of “Buy” and an average price target of $54.67.
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About Agree Realty
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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