JPMorgan Chase & Co. cut its stake in shares of Agree Realty Corporation (NYSE:ADC) by 49.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,339 shares of the real estate investment trust’s stock after selling 61,713 shares during the period. JPMorgan Chase & Co.’s holdings in Agree Realty Corporation were worth $3,086,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Agree Realty Corporation by 2.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,935 shares of the real estate investment trust’s stock valued at $189,000 after buying an additional 80 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Agree Realty Corporation by 1.2% in the first quarter. Envestnet Asset Management Inc. now owns 12,222 shares of the real estate investment trust’s stock valued at $586,000 after buying an additional 150 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Agree Realty Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the real estate investment trust’s stock valued at $513,000 after buying an additional 200 shares during the last quarter. Dalton Greiner Hartman Maher & Co. boosted its position in shares of Agree Realty Corporation by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 58,007 shares of the real estate investment trust’s stock valued at $2,782,000 after buying an additional 228 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its position in shares of Agree Realty Corporation by 1.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 18,184 shares of the real estate investment trust’s stock valued at $837,000 after buying an additional 231 shares during the last quarter. 81.07% of the stock is currently owned by institutional investors and hedge funds.

Shares of Agree Realty Corporation (ADC) traded down 0.52% during trading on Monday, hitting $49.41. 121,551 shares of the company traded hands. The stock has a market capitalization of $1.40 billion, a PE ratio of 22.23 and a beta of 0.59. The company has a 50-day moving average of $47.29 and a 200-day moving average of $47.48. Agree Realty Corporation has a 52-week low of $41.01 and a 52-week high of $51.50.

Agree Realty Corporation (NYSE:ADC) last posted its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The company had revenue of $28.10 million for the quarter, compared to the consensus estimate of $27.66 million. During the same period in the previous year, the business earned $0.62 EPS. Agree Realty Corporation’s revenue for the quarter was up 28.7% compared to the same quarter last year. Equities analysts expect that Agree Realty Corporation will post $1.83 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a dividend of $0.505 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This is an increase from Agree Realty Corporation’s previous quarterly dividend of $0.50. This represents a $2.02 annualized dividend and a yield of 4.09%. Agree Realty Corporation’s payout ratio is currently 90.58%.

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A number of research firms have recently weighed in on ADC. FBR & Co restated a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 6th. Zacks Investment Research upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Raymond James Financial, Inc. restated a “buy” rating on shares of Agree Realty Corporation in a report on Saturday, May 20th. Jefferies Group LLC restated a “hold” rating and issued a $50.00 price target on shares of Agree Realty Corporation in a report on Monday, April 24th. Finally, Stifel Nicolaus raised their price target on shares of Agree Realty Corporation from $53.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $51.89.

In other Agree Realty Corporation news, Director William S. Rubenfaer acquired 2,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $44.92 per share, for a total transaction of $112,300.00. Following the acquisition, the director now directly owns 20,101 shares of the company’s stock, valued at $902,936.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by insiders.

Agree Realty Corporation Company Profile

Agree Realty Corporation (Agree Realty) is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties. The Company operates through Agree Limited Partnership (the Operating Partnership). As of December 31, 2016, its portfolio consisted of 366 properties located in 43 states and totaling approximately seven million square feet of gross leasable area (GLA).

Institutional Ownership by Quarter for Agree Realty Corporation (NYSE:ADC)

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