Ceredex Value Advisors LLC Lowers Position in Agree Realty Corporation $ADC

Ceredex Value Advisors LLC decreased its stake in shares of Agree Realty Corporation (NYSE:ADC) by 8.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 174,600 shares of the real estate investment trust’s stock after selling 16,950 shares during the period. Ceredex Value Advisors LLC’s holdings in Agree Realty were worth $12,404,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Westside Investment Management Inc. lifted its stake in Agree Realty by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 215 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Agree Realty by 1,513.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 454 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 356 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Agree Realty by 47.6% in the third quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 114.7% in the third quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock valued at $58,000 after purchasing an additional 437 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC opened at $80.46 on Wednesday. The firm has a 50-day moving average price of $75.23 and a 200-day moving average price of $73.65. Agree Realty Corporation has a twelve month low of $68.98 and a twelve month high of $82.08. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $9.66 billion, a price-to-earnings ratio of 45.46, a PEG ratio of 3.15 and a beta of 0.52.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) dividend on an annualized basis and a yield of 3.9%. Agree Realty’s payout ratio is presently 177.40%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Mizuho cut their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. UBS Group increased their price objective on shares of Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings upgraded Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Evercore reduced their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Finally, Stifel Nicolaus increased their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $81.32.

Insider Buying and Selling at Agree Realty

In related news, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction on Wednesday, December 24th. The shares were purchased at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the transaction, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Agree purchased 24,000 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was bought at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the acquisition, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 39,500 shares of company stock valued at $2,813,680 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.