Agree Realty Corporation $ADC Shares Acquired by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC boosted its stake in Agree Realty Corporation (NYSE:ADC) by 16.7% in the third quarter, Holdings Channel.com reports. The firm owned 210,000 shares of the real estate investment trust’s stock after acquiring an additional 30,000 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in Agree Realty were worth $14,918,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADC. Gotham Asset Management LLC boosted its holdings in shares of Agree Realty by 89.5% in the 3rd quarter. Gotham Asset Management LLC now owns 158,089 shares of the real estate investment trust’s stock valued at $11,231,000 after purchasing an additional 74,682 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Agree Realty during the 3rd quarter worth $319,000. DoubleLine ETF Adviser LP raised its position in shares of Agree Realty by 5.8% in the 3rd quarter. DoubleLine ETF Adviser LP now owns 6,844 shares of the real estate investment trust’s stock worth $486,000 after buying an additional 373 shares during the period. Elevation Point Wealth Partners LLC raised its position in shares of Agree Realty by 8,265.9% in the 3rd quarter. Elevation Point Wealth Partners LLC now owns 27,440 shares of the real estate investment trust’s stock worth $1,956,000 after buying an additional 27,112 shares during the period. Finally, Brevan Howard Capital Management LP boosted its holdings in Agree Realty by 21.0% in the third quarter. Brevan Howard Capital Management LP now owns 48,932 shares of the real estate investment trust’s stock valued at $3,476,000 after acquiring an additional 8,481 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Activity

In related news, Chairman Richard Agree bought 24,000 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the acquisition, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. This represents a 17.67% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Peter Coughenour purchased 500 shares of Agree Realty stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the transaction, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Stock Down 0.6%

Shares of NYSE ADC opened at $79.18 on Monday. The stock has a fifty day moving average price of $75.68 and a 200 day moving average price of $73.80. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 12-month low of $68.98 and a 12-month high of $82.08. The company has a market cap of $9.50 billion, a P/E ratio of 44.73, a P/E/G ratio of 3.08 and a beta of 0.51.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.262 dividend. The ex-dividend date is Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio (DPR) is 177.40%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADC. UBS Group boosted their price target on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Evercore reduced their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Stifel Nicolaus boosted their target price on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Royal Bank Of Canada increased their target price on shares of Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Finally, Wells Fargo & Company raised their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.59.

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.