Agree Realty Corporation (ADC) Shares Bought by Riverhead Capital Management LLC
Riverhead Capital Management LLC boosted its stake in shares of Agree Realty Corporation (NYSE:ADC) by 114.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,363 shares of the real estate investment trust’s stock after purchasing an additional 1,263 shares during the period. Riverhead Capital Management LLC’s holdings in Agree Realty Corporation were worth $108,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of ADC. Comerica Bank lifted its position in Agree Realty Corporation by 4.1% during the first quarter. Comerica Bank now owns 28,995 shares of the real estate investment trust’s stock valued at $1,436,000 after purchasing an additional 1,141 shares during the period. Swiss National Bank lifted its position in Agree Realty Corporation by 2.4% during the first quarter. Swiss National Bank now owns 43,182 shares of the real estate investment trust’s stock valued at $2,071,000 after purchasing an additional 1,000 shares during the period. UBS Asset Management Americas Inc. lifted its position in Agree Realty Corporation by 36.8% during the first quarter. UBS Asset Management Americas Inc. now owns 42,378 shares of the real estate investment trust’s stock valued at $2,032,000 after purchasing an additional 11,395 shares during the period. Karp Capital Management Corp bought a new position in Agree Realty Corporation during the first quarter valued at approximately $592,000. Finally, Ameriprise Financial Inc. lifted its position in Agree Realty Corporation by 7.8% during the first quarter. Ameriprise Financial Inc. now owns 144,103 shares of the real estate investment trust’s stock valued at $6,916,000 after purchasing an additional 10,404 shares during the period. Institutional investors own 85.31% of the company’s stock.
Shares of Agree Realty Corporation (NYSE ADC) opened at 49.02 on Friday. Agree Realty Corporation has a one year low of $41.01 and a one year high of $51.50. The stock has a market capitalization of $1.39 billion, a PE ratio of 22.05 and a beta of 0.57. The firm’s 50-day moving average is $49.83 and its 200-day moving average is $48.19.
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, beating the consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a net margin of 54.22% and a return on equity of 8.23%. The business had revenue of $28.10 million during the quarter, compared to analysts’ expectations of $27.66 million. During the same period in the previous year, the business posted $0.62 EPS. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. On average, analysts expect that Agree Realty Corporation will post $1.93 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, September 28th. Agree Realty Corporation’s payout ratio is 90.58%.
A number of brokerages recently weighed in on ADC. BidaskClub upgraded shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Zacks Investment Research upgraded shares of Agree Realty Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Stifel Nicolaus restated a “buy” rating and set a $54.00 price objective on shares of Agree Realty Corporation in a research report on Tuesday, August 22nd. FBR & Co restated a “buy” rating and set a $58.00 price objective (up previously from $56.00) on shares of Agree Realty Corporation in a research report on Monday, September 18th. Finally, Canaccord Genuity restated a “buy” rating and set a $53.00 price objective on shares of Agree Realty Corporation in a research report on Monday, July 24th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Agree Realty Corporation currently has a consensus rating of “Buy” and an average target price of $51.88.
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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).
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