Callodine Capital Management LP Purchases New Holdings in Agree Realty Corporation $ADC

Callodine Capital Management LP acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the real estate investment trust’s stock, valued at approximately $710,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Westside Investment Management Inc. boosted its stake in shares of Agree Realty by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 215 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in shares of Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 454 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 356 shares in the last quarter. Financial Life Planners acquired a new stake in Agree Realty in the third quarter valued at $46,000. Finally, Versant Capital Management Inc boosted its stake in Agree Realty by 47.6% during the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 250 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John Rakolta, Jr. acquired 15,000 shares of the company’s stock in a transaction that occurred on 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 directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard Agree acquired 24,000 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. The trade was a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. Wells Fargo & Company upped their target price on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. UBS Group increased their price target on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Stifel Nicolaus upped their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Evercore decreased their price objective 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. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.59.

Agree Realty Trading Down 0.6%

NYSE:ADC opened at $79.18 on Friday. The firm has a market capitalization of $9.50 billion, a P/E ratio of 44.73, a P/E/G ratio of 3.10 and a beta of 0.52. The business has a 50 day simple moving average of $75.68 and a 200 day simple moving average of $73.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. Agree Realty Corporation has a 12-month low of $68.98 and a 12-month high of $82.08.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Tuesday, March 31st. Agree Realty’s dividend payout ratio (DPR) is presently 177.40%.

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.