Franklin Resources Inc. boosted its stake in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 40.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,529 shares of the real estate investment trust’s stock after purchasing an additional 25,047 shares during the quarter. Franklin Resources Inc. owned about 0.10% of Agree Realty worth $6,208,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Credit Suisse AG boosted its position in shares of Agree Realty by 3.6% in the third quarter. Credit Suisse AG now owns 126,269 shares of the real estate investment trust’s stock valued at $8,533,000 after acquiring an additional 4,333 shares during the period. BlackRock Inc. boosted its position in shares of Agree Realty by 6.9% in the third quarter. BlackRock Inc. now owns 15,348,857 shares of the real estate investment trust’s stock valued at $1,037,276,000 after acquiring an additional 992,766 shares during the period. Strs Ohio boosted its position in shares of Agree Realty by 138.0% in the fourth quarter. Strs Ohio now owns 269,593 shares of the real estate investment trust’s stock valued at $19,122,000 after acquiring an additional 156,342 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Agree Realty by 17.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 45,788 shares of the real estate investment trust’s stock valued at $3,232,000 after acquiring an additional 6,877 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Agree Realty in the third quarter valued at about $3,513,000.
Insiders Place Their Bets
In other news, COO Craig Erlich acquired 3,000 shares of the stock in a transaction dated Friday, May 26th. The stock was bought at an average price of $64.09 per share, with a total value of $192,270.00. Following the completion of the purchase, the chief operating officer now directly owns 35,151 shares of the company’s stock, valued at approximately $2,252,827.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Craig Erlich acquired 3,000 shares of the stock in a transaction dated Friday, May 26th. The stock was bought at an average price of $64.09 per share, with a total value of $192,270.00. Following the completion of the purchase, the chief operating officer now directly owns 35,151 shares of the company’s stock, valued at approximately $2,252,827.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Peter Coughenour acquired 500 shares of the stock in a transaction dated Friday, May 26th. The stock was purchased at an average cost of $64.25 per share, with a total value of $32,125.00. Following the purchase, the chief financial officer now directly owns 6,043 shares of the company’s stock, valued at $388,262.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 33,370 shares of company stock valued at $2,215,776. 1.60% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Agree Realty Stock Down 0.4 %
Shares of NYSE ADC opened at $64.24 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.44. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 35.89, a PEG ratio of 3.10 and a beta of 0.46. Agree Realty Co. has a 12 month low of $63.34 and a 12 month high of $80.44. The stock has a 50-day moving average price of $66.61 and a two-hundred day moving average price of $69.74.
Agree Realty (NYSE:ADC – Get Rating) last issued its earnings results on Friday, May 5th. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.52). The business had revenue of $126.62 million for the quarter, compared to analyst estimates of $124.55 million. Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. During the same period in the previous year, the firm posted $0.97 EPS. As a group, analysts forecast that Agree Realty Co. will post 3.94 earnings per share for the current fiscal year.
Agree Realty Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Wednesday, May 31st will be paid a dividend of $0.243 per share. This represents a $2.92 annualized dividend and a yield of 4.54%. The ex-dividend date is Tuesday, May 30th. Agree Realty’s payout ratio is 162.57%.
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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