Brevan Howard Capital Management LP Acquires 8,481 Shares of Agree Realty Corporation $ADC

Brevan Howard Capital Management LP grew its stake in shares of Agree Realty Corporation (NYSE:ADC) by 21.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,932 shares of the real estate investment trust’s stock after purchasing an additional 8,481 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Agree Realty were worth $3,476,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADC. Vanguard Group Inc. increased its stake in Agree Realty by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock worth $1,111,533,000 after buying an additional 329,892 shares during the period. State Street Corp boosted its position in Agree Realty by 7.1% in the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after buying an additional 381,438 shares during the period. Centersquare Investment Management LLC boosted its position in Agree Realty by 1.8% in 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 buying an additional 51,269 shares during the period. Geode Capital Management LLC grew its stake in Agree Realty by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after acquiring an additional 170,827 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Agree Realty by 0.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock worth $167,825,000 after acquiring an additional 15,389 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 0.7%

NYSE ADC opened at $79.78 on Tuesday. 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 firm has a market cap of $9.58 billion, a PE ratio of 45.08, a price-to-earnings-growth ratio of 3.08 and a beta of 0.52. The company has a 50 day moving average price of $75.84 and a 200 day moving average price of $73.85. Agree Realty Corporation has a 52 week low of $68.98 and a 52 week high of $82.08.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.262 dividend. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 31st. Agree Realty’s payout ratio is currently 177.40%.

Insider Transactions at Agree Realty

In other Agree Realty news, CFO Peter Coughenour purchased 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the transaction, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. acquired 15,000 shares of the firm’s stock in a transaction dated 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 acquisition, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 39,500 shares of company stock valued at $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADC. Mizuho lifted their price target on shares of Agree Realty from $75.00 to $86.00 and gave the company a “neutral” rating in a research note on Wednesday, March 11th. Wells Fargo & Company increased their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 3rd. UBS Group lifted their target price on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $82.59.

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.