Citigroup Inc. Has $11.59 Million Holdings in Agree Realty Corporation $ADC

Citigroup Inc. decreased its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 73.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 163,161 shares of the real estate investment trust’s stock after selling 453,050 shares during the quarter. Citigroup Inc. owned approximately 0.14% of Agree Realty worth $11,591,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Strs Ohio boosted its position in Agree Realty by 79.2% during the third quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust’s stock valued at $13,817,000 after purchasing an additional 85,935 shares during the last quarter. AGP Franklin LLC bought a new stake in shares of Agree Realty during the 3rd quarter worth approximately $1,398,000. Cetera Investment Advisers boosted its holdings in shares of Agree Realty by 4.4% in the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock valued at $2,340,000 after buying an additional 1,351 shares during the last quarter. Azzad Asset Management Inc. ADV bought a new position in shares of Agree Realty in the third quarter valued at $971,000. Finally, Lmcg Investments LLC grew its stake in shares of Agree Realty by 26.1% in the third quarter. Lmcg Investments LLC now owns 106,456 shares of the real estate investment trust’s stock valued at $7,563,000 after buying an additional 22,063 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 1.0%

Agree Realty stock opened at $80.57 on Friday. The company’s 50-day moving average price is $73.99 and its two-hundred day moving average price is $73.23. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The stock has a market cap of $9.67 billion, a P/E ratio of 45.52, a P/E/G ratio of 3.13 and a beta of 0.54. Agree Realty Corporation has a twelve month low of $68.98 and a twelve month high of $81.17.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a yield of 3.9%. Agree Realty’s dividend payout ratio (DPR) is presently 177.40%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, January 21st. Mizuho cut their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Wells Fargo & Company boosted their price target on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Finally, Barclays upped their price objective on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Insider Transactions at Agree Realty

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The stock was acquired at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman directly 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Peter Coughenour acquired 500 shares of the business’s stock in a transaction on Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the acquisition, the chief financial officer directly owned 18,544 shares in the company, valued at approximately $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 bought 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by corporate insiders.

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.