Pinebridge Investments L.P. increased its holdings in Agree Realty Corporation (NYSE:ADC) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,446 shares of the real estate investment trust’s stock after purchasing an additional 34 shares during the period. Pinebridge Investments L.P.’s holdings in Agree Realty Corporation were worth $158,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADC. Ameritas Investment Partners Inc. purchased a new position in Agree Realty Corporation in the 1st quarter worth approximately $102,000. Riverhead Capital Management LLC raised its holdings in shares of Agree Realty Corporation by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after acquiring an additional 1,263 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Agree Realty Corporation by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after acquiring an additional 1,868 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Agree Realty Corporation by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 600 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Agree Realty Corporation during the 2nd quarter worth approximately $127,000. 85.31% of the stock is currently owned by institutional investors.

Several analysts have recently issued reports on ADC shares. Canaccord Genuity started coverage on Agree Realty Corporation in a report on Tuesday, July 18th. They set a “buy” rating and a $53.00 price objective on the stock. BidaskClub raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. FBR & Co set a $56.00 price objective on Agree Realty Corporation and gave the stock a “buy” rating in a report on Wednesday, June 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price objective on shares of Agree Realty Corporation in a report on Tuesday, August 22nd. Finally, Zacks Investment Research raised Agree Realty Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.88.

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Agree Realty Corporation (NYSE ADC) opened at 49.02 on Friday. The stock’s 50 day moving average price is $49.83 and its 200 day moving average price is $48.19. The company has a market cap of $1.39 billion, a P/E ratio of 22.05 and a beta of 0.57. 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 announced its quarterly earnings data on Monday, July 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $28.10 million for the quarter, compared to the consensus estimate of $27.66 million. During the same quarter last year, the business posted $0.62 earnings per share. The firm’s revenue was up 28.7% compared to the same quarter last year. Analysts expect that Agree Realty Corporation will post $1.93 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.505 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.02 dividend on an annualized basis and a yield of 4.12%. Agree Realty Corporation’s payout ratio is 90.58%.

Agree Realty Corporation 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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