Allspring Global Investments Holdings LLC Reduces Position in Agree Realty Corporation $ADC

Allspring Global Investments Holdings LLC lowered its holdings in Agree Realty Corporation (NYSE:ADC) by 57.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 136,540 shares of the real estate investment trust’s stock after selling 183,632 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of Agree Realty worth $10,355,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Vision Capital Corp purchased a new stake in shares of Agree Realty in the fourth quarter worth about $3,920,000. Pasadena Private Wealth LLC purchased a new position in Agree Realty during the fourth quarter valued at approximately $1,349,000. Northwestern Mutual Wealth Management Co. grew its stake in Agree Realty by 6,172.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 100,607 shares of the real estate investment trust’s stock valued at $6,926,000 after acquiring an additional 99,003 shares in the last quarter. Lasalle Investment Management Securities LLC increased its holdings in Agree Realty by 6.2% during the 4th quarter. Lasalle Investment Management Securities LLC now owns 674,524 shares of the real estate investment trust’s stock worth $48,586,000 after acquiring an additional 39,119 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Agree Realty by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust’s stock worth $1,133,114,000 after acquiring an additional 84,568 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Morgan Stanley set a $81.00 price target on shares of Agree Realty in a report on Tuesday, April 21st. Mizuho decreased their price target on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Jefferies Financial Group initiated coverage on Agree Realty in a research report on Monday, June 1st. They issued a “buy” rating and a $84.00 price objective on the stock. BMO Capital Markets lowered Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 price objective for the company. in a research note on Friday, April 17th. Finally, Barclays lifted their price objective on Agree Realty from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average price target of $83.88.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree purchased 13,295 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the purchase, the chief executive officer owned 675,105 shares of the company’s stock, valued at $50,909,668.05. The trade was a 2.01% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Greg Lehmkuhl acquired 750 shares of the stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of $75.09 per share, with a total value of $56,317.50. Following the completion of the acquisition, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. The trade was a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 19,045 shares of company stock valued at $1,415,943 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Agree Realty Stock Performance

Agree Realty stock opened at $80.16 on Thursday. The firm’s fifty day moving average price is $75.89 and its 200-day moving average price is $76.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $9.63 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 2.67 and a beta of 0.47. Agree Realty Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. On average, equities research analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.267 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a c) annualized dividend and a yield of 4.0%. Agree Realty’s dividend payout ratio is currently 172.97%.

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.