Victory Capital Management Inc. lifted its holdings in Agree Realty Co. (NYSE:ADC – Get Rating) by 31.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,370 shares of the real estate investment trust's stock after purchasing an additional 6,627 shares during the period. Victory Capital Management Inc.'s holdings in Agree Realty were worth $1,850,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the business. Oregon Public Employees Retirement Fund lifted its stake in shares of Agree Realty by 13.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 26,470 shares of the real estate investment trust's stock valued at $1,789,000 after purchasing an additional 3,188 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in shares of Agree Realty by 6.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,110 shares of the real estate investment trust's stock valued at $480,000 after purchasing an additional 450 shares during the last quarter. Brinker Capital Investments LLC lifted its stake in shares of Agree Realty by 35.4% in the 3rd quarter. Brinker Capital Investments LLC now owns 32,106 shares of the real estate investment trust's stock valued at $2,170,000 after purchasing an additional 8,398 shares during the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Agree Realty in the 3rd quarter valued at $10,920,000. Finally, Park Avenue Securities LLC lifted its stake in shares of Agree Realty by 21.5% in the 3rd quarter. Park Avenue Securities LLC now owns 6,873 shares of the real estate investment trust's stock valued at $464,000 after purchasing an additional 1,215 shares during the last quarter.
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Agree Realty Stock Performance
NYSE ADC opened at $74.38 on Thursday. The stock has a market cap of $6.59 billion, a P/E ratio of 40.65, a PEG ratio of 3.09 and a beta of 0.43. The company's 50-day simple moving average is $71.93 and its 200 day simple moving average is $72.05. Agree Realty Co. has a twelve month low of $61.62 and a twelve month high of $80.44. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.43.
Agree Realty Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Tuesday, February 14th. Investors of record on Tuesday, January 31st will be paid a $0.24 dividend. The ex-dividend date is Monday, January 30th. This represents a $2.88 dividend on an annualized basis and a yield of 3.87%. Agree Realty's payout ratio is currently 157.38%.
Wall Street Analysts Forecast Growth
ADC has been the subject of several analyst reports. Mizuho lifted their price objective on shares of Agree Realty from $68.00 to $73.00 in a research note on Thursday, December 8th. Raymond James boosted their target price on shares of Agree Realty from $80.00 to $81.00 and gave the stock a "strong-buy" rating in a research report on Monday, January 9th. JMP Securities cut their target price on shares of Agree Realty from $82.00 to $75.00 and set a "market outperform" rating for the company in a research report on Tuesday, October 18th. StockNews.com assumed coverage on shares of Agree Realty in a research report on Wednesday, October 12th. They set a "sell" rating for the company. Finally, Morgan Stanley cut their target price on shares of Agree Realty from $77.00 to $73.00 and set an "overweight" rating for the company in a research report on Wednesday, November 2nd. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus target price of $78.50.
Insider Activity at Agree Realty
In other Agree Realty news, COO Craig Erlich bought 4,898 shares of the stock in a transaction that occurred on Thursday, December 29th. The shares were acquired at an average price of $16.25 per share, with a total value of $79,592.50. Following the completion of the purchase, the chief operating officer now directly owns 4,898 shares in the company, valued at approximately $79,592.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John Rakolta, Jr. acquired 11,000 shares of the firm's stock in a transaction on Wednesday, December 21st. The shares were purchased at an average cost of $71.38 per share, with a total value of $785,180.00. Following the completion of the purchase, the director now owns 268,816 shares of the company's stock, valued at $19,188,086.08. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Craig Erlich acquired 4,898 shares of the firm's stock in a transaction on Thursday, December 29th. The shares were purchased at an average cost of $16.25 per share, for a total transaction of $79,592.50. Following the completion of the purchase, the chief operating officer now directly owns 4,898 shares of the company's stock, valued at approximately $79,592.50. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.
About Agree Realty
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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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