Agree Realty Co. (NYSE:ADC) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp grew its position in Agree Realty Co. (NYSE:ADC – Get Rating) by 99.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,077 shares of the real estate investment trust’s stock after purchasing an additional 4,529 shares during the period. Van ECK Associates Corp’s holdings in Agree Realty were worth $644,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. California Public Employees Retirement System boosted its position in Agree Realty by 26.0% during the 4th quarter. California Public Employees Retirement System now owns 377,737 shares of the real estate investment trust’s stock worth $26,793,000 after acquiring an additional 78,057 shares during the period. Swiss National Bank lifted its holdings in shares of Agree Realty by 8.1% in the fourth quarter. Swiss National Bank now owns 192,782 shares of the real estate investment trust’s stock valued at $13,674,000 after buying an additional 14,500 shares during the period. Arizona State Retirement System lifted its holdings in shares of Agree Realty by 10.3% in the fourth quarter. Arizona State Retirement System now owns 22,527 shares of the real estate investment trust’s stock valued at $1,598,000 after buying an additional 2,098 shares during the period. Texas Permanent School Fund lifted its holdings in shares of Agree Realty by 3.7% in the fourth quarter. Texas Permanent School Fund now owns 59,547 shares of the real estate investment trust’s stock valued at $4,224,000 after buying an additional 2,132 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Agree Realty by 18.8% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 10,512 shares of the real estate investment trust’s stock valued at $746,000 after buying an additional 1,660 shares during the period.

Insider Transactions at Agree Realty

In related news, Director John Rakolta, Jr. purchased 10,495 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was bought at an average price of $67.85 per share, for a total transaction of $712,085.75. Following the purchase, the director now owns 281,768 shares in the company, valued at approximately $19,117,958.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Agree Realty news, CEO Joey Agree bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average price of $66.36 per share, for a total transaction of $331,800.00. Following the purchase, the chief executive officer now directly owns 519,253 shares in the company, valued at $34,457,629.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 10,495 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average price of $67.85 per share, with a total value of $712,085.75. Following the purchase, the director now owns 281,768 shares in the company, valued at $19,117,958.80. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 22,995 shares of company stock worth $1,542,261. 1.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. Stifel Nicolaus boosted their target price on Agree Realty from $76.75 to $77.50 in a research report on Wednesday, February 15th. StockNews.com began coverage on Agree Realty in a research report on Thursday, March 16th. They set a “sell” rating on the stock. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 21st. Finally, Mizuho cut their target price on Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, March 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.23.

Agree Realty Stock Performance

Shares of ADC stock opened at $66.86 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.72 and a quick ratio of 0.72. Agree Realty Co. has a fifty-two week low of $63.34 and a fifty-two week high of $80.44. The stock’s 50-day moving average is $67.38 and its two-hundred day moving average is $70.07. The firm has a market cap of $6.23 billion, a P/E ratio of 37.35, a PEG ratio of 3.55 and a beta of 0.46.

Agree Realty (NYSE:ADC – Get Rating) last issued its earnings results on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.52). The firm had revenue of $126.62 million during the quarter, compared to analyst estimates of $124.55 million. Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. During the same period in the previous year, the company earned $0.97 earnings per share. Analysts predict that Agree Realty Co. will post 3.93 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Wednesday, May 31st will be paid a dividend of $0.243 per share. The ex-dividend date is Tuesday, May 30th. This represents a $2.92 annualized dividend and a dividend yield of 4.36%. Agree Realty’s dividend payout ratio (DPR) is presently 162.57%.

About Agree Realty

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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.