Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 15.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,268 shares of the real estate investment trust’s stock after purchasing an additional 5,610 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Agree Realty were worth $2,998,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in ADC. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Agree Realty by 28.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,093 shares of the real estate investment trust’s stock worth $603,000 after purchasing an additional 2,014 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Agree Realty by 8.3% during the 1st quarter. HighTower Advisors LLC now owns 7,836 shares of the real estate investment trust’s stock worth $519,000 after purchasing an additional 598 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Agree Realty by 15.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,185 shares of the real estate investment trust’s stock worth $1,009,000 after purchasing an additional 2,082 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Agree Realty by 10.4% during the 1st quarter. Bank of Montreal Can now owns 27,686 shares of the real estate investment trust’s stock worth $1,826,000 after purchasing an additional 2,597 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its stake in shares of Agree Realty by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 36,972 shares of the real estate investment trust’s stock worth $2,453,000 after purchasing an additional 13,423 shares during the last quarter.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Mizuho decreased their price target on Agree Realty from $78.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, March 9th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 21st. StockNews.com assumed coverage on Agree Realty in a research note on Thursday, May 18th. They issued a “sell” rating for the company. Finally, Stifel Nicolaus increased their price target on Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.23.
Agree Realty Stock Down 0.0 %
Agree Realty (NYSE:ADC – Get Rating) last announced its quarterly earnings data on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.52). The firm had revenue of $126.62 million during the quarter, compared to analyst estimates of $124.55 million. Agree Realty had a net margin of 34.48% and a return on equity of 4.04%. During the same period in the prior year, the company posted $0.97 earnings per share. Equities analysts expect that Agree Realty Co. will post 3.94 earnings per share for the current year.
Agree Realty Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Wednesday, June 14th. Investors of record on Wednesday, May 31st will be issued a dividend of $0.243 per share. This represents a $2.92 annualized dividend and a yield of 4.47%. The ex-dividend date is Tuesday, May 30th. Agree Realty’s dividend payout ratio (DPR) is 163.13%.
Insider Buying and Selling
In related news, CEO Joey Agree bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $65.35 per share, with a total value of $326,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 524,253 shares in the company, valued at $34,259,933.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Joey Agree bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $65.35 per share, with a total value of $326,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 524,253 shares in the company, valued at $34,259,933.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Craig Erlich purchased 1,500 shares of the stock in a transaction on Wednesday, May 17th. The shares were acquired at an average price of $65.50 per share, for a total transaction of $98,250.00. Following the transaction, the chief operating officer now directly owns 32,151 shares of the company’s stock, valued at approximately $2,105,890.50. The disclosure for this purchase can be found here. Insiders have purchased a total of 29,495 shares of company stock valued at $1,967,261 over the last ninety days. Company insiders own 1.60% of the company’s stock.
About Agree Realty
Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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