AGP Franklin LLC Makes New Investment in Agree Realty Corporation $ADC

AGP Franklin LLC purchased a new stake in shares of Agree Realty Corporation (NYSE:ADC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,672 shares of the real estate investment trust’s stock, valued at approximately $1,398,000.

Several other large investors also recently bought and sold shares of ADC. Farther Finance Advisors LLC lifted its stake in Agree Realty by 408.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 306 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares during the last quarter. Versant Capital Management Inc grew its position in Agree Realty by 47.6% in the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 250 shares during the period. Allworth Financial LP raised its stake in Agree Realty by 41.7% during the 2nd quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 262 shares during the last quarter. Finally, MAI Capital Management lifted its holdings in shares of Agree Realty by 122.3% during the 2nd quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 499 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree bought 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Peter Coughenour purchased 500 shares of the company’s stock in a transaction on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ADC has been the subject of several research analyst reports. Evercore ISI cut their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, January 21st. Wells Fargo & Company increased their price objective on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. KeyCorp raised their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Finally, Mizuho reduced their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.23.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $72.80 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $79.65. The firm has a fifty day moving average price of $72.64 and a 200-day moving average price of $72.71. The stock has a market cap of $8.37 billion, a PE ratio of 42.57, a price-to-earnings-growth ratio of 2.58 and a beta of 0.55.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio is 183.63%.

Agree Realty Profile

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.