Elo Mutual Pension Insurance Co Grows Stake in Agree Realty Corporation $ADC

Elo Mutual Pension Insurance Co boosted its position in shares of Agree Realty Corporation (NYSE:ADC) by 108.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,751 shares of the real estate investment trust’s stock after purchasing an additional 14,465 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Agree Realty were worth $1,971,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Centersquare Investment Management LLC increased its holdings in Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after acquiring an additional 51,269 shares in the last quarter. Strs Ohio grew its position in shares of Agree Realty by 79.2% in 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 acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $1,398,000. Cetera Investment Advisers increased its stake in shares of Agree Realty by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock worth $2,340,000 after purchasing an additional 1,351 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Agree Realty by 65.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after purchasing an additional 799,185 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the topic of a number of analyst reports. Mizuho lowered their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. 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 report on Wednesday, December 3rd. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Evercore reduced their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Finally, Wells Fargo & Company raised their price target 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. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $80.50.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. purchased 15,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were bought at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the acquisition, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard Agree acquired 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 completion of the acquisition, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. The trade was a 17.67% 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 quarter. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Up 0.0%

ADC opened at $81.93 on Thursday. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $82.08. The business has a 50-day moving average of $74.56 and a two-hundred day moving average of $73.43. 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 stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 46.29, a price-to-earnings-growth ratio of 3.18 and a beta of 0.52.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a yield of 3.8%. Agree Realty’s dividend payout ratio is 177.40%.

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.