Envestnet Asset Management Inc. Increases Stake in Agree Realty Corporation $ADC

Envestnet Asset Management Inc. boosted its position in Agree Realty Corporation (NYSE:ADC) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 319,211 shares of the real estate investment trust’s stock after purchasing an additional 36,312 shares during the period. Envestnet Asset Management Inc. owned about 0.28% of Agree Realty worth $22,677,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its holdings in Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after buying an additional 19,948 shares in the last quarter. IFP Advisors Inc purchased a new stake in shares of Agree Realty during the 2nd quarter worth approximately $69,000. Blue Trust Inc. boosted its stake in shares of Agree Realty by 44.4% during the 2nd quarter. Blue Trust Inc. now owns 1,770 shares of the real estate investment trust’s stock worth $129,000 after acquiring an additional 544 shares in the last quarter. Aberdeen Group plc grew its holdings in shares of Agree Realty by 19.4% in the 2nd quarter. Aberdeen Group plc now owns 32,510 shares of the real estate investment trust’s stock worth $2,375,000 after acquiring an additional 5,271 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Agree Realty by 10.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,812 shares of the real estate investment trust’s stock valued at $1,301,000 after purchasing an additional 1,652 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In other news, Chairman Richard Agree purchased 24,000 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were purchased at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the transaction, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 15,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 39,500 shares of company stock valued at $2,813,680 over the last 90 days. Insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 1.9%

Shares of ADC stock opened at $78.02 on Friday. Agree Realty Corporation has a 1-year low of $68.98 and a 1-year high of $79.65. The company has a current ratio of 0.81, a quick ratio of 0.68 and a debt-to-equity ratio of 0.54. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 2.72 and a beta of 0.54. The stock has a 50-day moving average of $72.60 and a 200-day moving average of $72.87.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is 177.40%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ADC shares. Evercore dropped their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Barclays raised their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Stifel Nicolaus raised their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Royal Bank Of Canada boosted their price target on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $80.50.

About Agree Realty

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.