Centersquare Investment Management LLC Raises Stake in Agree Realty Corporation $ADC

Centersquare Investment Management LLC boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 1.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,896,229 shares of the real estate investment trust’s stock after buying an additional 51,269 shares during the quarter. Agree Realty accounts for about 2.1% of Centersquare Investment Management LLC’s portfolio, making the stock its 16th largest holding. Centersquare Investment Management LLC owned about 2.52% of Agree Realty worth $205,748,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Westside Investment Management Inc. increased its stake in shares of Agree Realty by 100.0% in the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares during the period. Cornerstone Planning Group LLC grew its position in Agree Realty by 1,513.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 454 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Agree Realty by 158.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 356 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Agree Realty by 47.6% in the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 250 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Agree Realty by 114.7% in the third quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 437 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of NYSE ADC opened at $79.48 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day moving average of $73.68 and a 200 day moving average of $73.13. The firm has a market cap of $9.54 billion, a PE ratio of 44.90, a PEG ratio of 3.08 and a beta of 0.54. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65.

Agree Realty Dividend Announcement

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

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Barclays lifted their target price on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Stifel Nicolaus increased their price target on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Wells Fargo & Company raised their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Finally, Mizuho decreased 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 report on Wednesday, December 17th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Insiders Place Their Bets

In other news, Director John Rakolta, Jr. purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The stock was purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction on Friday, January 9th. The stock was purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 39,500 shares of company stock worth $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Company 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.