Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 12.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,663 shares of the real estate investment trust’s stock after buying an additional 2,100 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Agree Realty were worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of ADC. Stifel Financial Corp increased its holdings in Agree Realty by 0.5% in the second quarter. Stifel Financial Corp now owns 29,792 shares of the real estate investment trust’s stock valued at $2,100,000 after buying an additional 137 shares in the last quarter. CIBC Asset Management Inc increased its stake in Agree Realty by 3.2% during the 3rd quarter. CIBC Asset Management Inc now owns 4,807 shares of the real estate investment trust’s stock worth $318,000 after buying an additional 148 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Agree Realty by 5.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 3,296 shares of the real estate investment trust’s stock valued at $232,000 after acquiring an additional 177 shares during the last quarter. Blue Chip Partners Inc. lifted its position in shares of Agree Realty by 0.4% in the third quarter. Blue Chip Partners Inc. now owns 48,711 shares of the real estate investment trust’s stock valued at $3,226,000 after acquiring an additional 184 shares in the last quarter. Finally, Texas Permanent School Fund increased its position in shares of Agree Realty by 0.4% during the third quarter. Texas Permanent School Fund now owns 50,984 shares of the real estate investment trust’s stock worth $3,377,000 after purchasing an additional 200 shares in the last quarter.
Shares of Agree Realty stock opened at $68.16 on Friday. The company’s fifty day moving average price is $69.22 and its two-hundred day moving average price is $70.93. The firm has a market capitalization of $4.76 billion, a PE ratio of 38.73 and a beta of 0.42. Agree Realty Co. has a 52-week low of $61.27 and a 52-week high of $75.95. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.51.
The company also recently disclosed a monthly dividend, which will be paid on Monday, February 14th. Investors of record on Monday, January 31st will be issued a dividend of $0.227 per share. This represents a $2.72 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Friday, January 28th. Agree Realty’s dividend payout ratio is currently 154.55%.
ADC has been the subject of several analyst reports. Citigroup cut shares of Agree Realty from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $75.00 in a research note on Tuesday, December 14th. Mizuho raised their price target on shares of Agree Realty from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Tuesday, November 30th. Zacks Investment Research lowered shares of Agree Realty from a “buy” rating to a “hold” rating in a research note on Tuesday, December 14th. Finally, Royal Bank of Canada began coverage on shares of Agree Realty in a research note on Friday, September 17th. They set an “outperform” rating and a $80.00 target price for the company. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $78.69.
In other Agree Realty news, Director Greg Lehmkuhl acquired 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 17th. The stock was acquired at an average cost of $68.35 per share, for a total transaction of $34,175.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.20% of the company’s stock.
Agree Realty Profile
Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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