Sei Investments Co. Raises Holdings in Agree Realty Corporation $ADC

Sei Investments Co. increased its position in shares of Agree Realty Corporation (NYSE:ADC) by 27.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,051,454 shares of the real estate investment trust’s stock after buying an additional 225,138 shares during the period. Sei Investments Co.’s holdings in Agree Realty were worth $79,259,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Agree Realty by 80.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock valued at $309,266,000 after purchasing an additional 1,918,427 shares in the last quarter. Norges Bank purchased a new stake in shares of Agree Realty during the 4th quarter worth $116,114,000. Engineers Gate Manager LP lifted its position in shares of Agree Realty by 3,043.2% during the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock worth $85,156,000 after purchasing an additional 1,144,617 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Agree Realty by 41.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock worth $204,813,000 after purchasing an additional 826,719 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its position in shares of Agree Realty by 4.8% during the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock worth $1,015,324,000 after acquiring an additional 649,301 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the subject of several research analyst reports. Robert W. Baird upped their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Citigroup boosted their price objective on Agree Realty from $77.00 to $82.50 and gave the company a “neutral” rating in a research note on Friday, April 24th. Mizuho lowered their target price on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. Royal Bank Of Canada lifted their target price on shares of Agree Realty from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Finally, Morgan Stanley set a $81.00 target price on shares of Agree Realty in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.88.

Insider Activity

In other news, Chairman Richard Agree acquired 5,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were bought at an average cost of $71.41 per share, with a total value of $357,050.00. Following the purchase, the chairman owned 90,512 shares of the company’s stock, valued at $6,463,461.92. This represents a 5.85% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg Lehmkuhl acquired 750 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $75.09 per share, with a total value of $56,317.50. Following the transaction, the director owned 34,465 shares in the company, valued at $2,587,976.85. The trade was a 2.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 19,045 shares of company stock valued at $1,415,943. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $80.81 on Friday. The firm has a market cap of $9.71 billion, a P/E ratio of 43.68, a P/E/G ratio of 2.65 and a beta of 0.47. Agree Realty Corporation has a 52-week low of $69.56 and a 52-week high of $82.08. The business’s 50-day moving average price is $76.11 and its 200 day moving average price is $76.16. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The firm had revenue of $211.49 million during the quarter, compared to the consensus estimate of $195.73 million. During the same period in the prior year, the business earned $0.42 EPS. The firm’s revenue was up 18.7% compared to the same quarter last year. On average, equities research analysts expect that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.267 dividend. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, July 31st. Agree Realty’s dividend payout ratio (DPR) is 172.97%.

Agree Realty Profile

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.