Bahl & Gaynor Inc. Acquires 8,219 Shares of Agree Realty Corporation $ADC

Bahl & Gaynor Inc. increased its holdings in Agree Realty Corporation (NYSE:ADC) by 1.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 604,627 shares of the real estate investment trust’s stock after purchasing an additional 8,219 shares during the period. Bahl & Gaynor Inc. owned approximately 0.53% of Agree Realty worth $42,953,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ADC. Jane Street Group LLC boosted its position 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 valued at $2,112,000 after buying an additional 19,948 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of Agree Realty by 580.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,986 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 1,694 shares during the last quarter. Assetmark Inc. boosted its holdings in Agree Realty by 41.0% during the 2nd quarter. Assetmark Inc. now owns 22,283 shares of the real estate investment trust’s stock valued at $1,628,000 after acquiring an additional 6,477 shares during the period. Retirement Systems of Alabama grew its position in Agree Realty by 3.0% during the 2nd quarter. Retirement Systems of Alabama now owns 134,208 shares of the real estate investment trust’s stock worth $9,805,000 after acquiring an additional 3,939 shares during the last quarter. Finally, Atria Investments Inc increased its stake in Agree Realty by 2.5% in the 2nd quarter. Atria Investments Inc now owns 12,733 shares of the real estate investment trust’s stock worth $930,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $80.57 on Monday. The company has a 50-day simple moving average of $73.99 and a two-hundred day simple moving average of $73.24. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $9.67 billion, a PE ratio of 45.52, a price-to-earnings-growth ratio of 3.13 and a beta of 0.51. Agree Realty Corporation has a one year low of $68.98 and a one year high of $81.17.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, February 27th. Agree Realty’s payout ratio is 177.40%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADC. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada upped their price target on shares of Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Mizuho lowered their price objective 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. Finally, 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. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Insider Activity

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 price of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 39,500 shares of company stock worth $2,813,680. Corporate insiders own 1.80% of the company’s stock.

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.