Swiss National Bank raised its stake in Agree Realty Corp. (NYSE:ADC) by 16.8% during the second quarter, Holdings Channel reports. The fund owned 37,482 shares of the real estate investment trust’s stock after buying an additional 5,400 shares during the period. Swiss National Bank owned approximately 0.16% of Agree Realty Corp. worth $1,808,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in ADC. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Agree Realty Corp. by 28.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,843 shares of the real estate investment trust’s stock valued at $185,000 after buying an additional 862 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake in Agree Realty Corp. by 28.9% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 4,588 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 1,028 shares during the last quarter. Credit Agricole S A boosted its stake in Agree Realty Corp. by 323.5% in the first quarter. Credit Agricole S A now owns 4,900 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 3,743 shares during the last quarter. Norris Perne & French LLP MI acquired a new stake in Agree Realty Corp. during the second quarter valued at $236,000. Finally, Capstone Asset Management Co. boosted its stake in Agree Realty Corp. by 34.1% in the second quarter. Capstone Asset Management Co. now owns 7,473 shares of the real estate investment trust’s stock valued at $360,000 after buying an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 80.71% of the company’s stock.
Shares of Agree Realty Corp. (NYSE:ADC) traded up 0.73% on Friday, hitting $49.64. The stock had a trading volume of 167,639 shares. Agree Realty Corp. has a 1-year low of $29.15 and a 1-year high of $51.33. The firm has a 50-day moving average of $47.98 and a 200 day moving average of $44.26. The company has a market capitalization of $1.16 billion, a PE ratio of 24.48 and a beta of 0.62.
Agree Realty Corp. (NYSE:ADC) last released its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. Agree Realty Corp. had a net margin of 51.23% and a return on equity of 8.70%. The business earned $21.84 million during the quarter, compared to analyst estimates of $21.27 million. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. On average, equities analysts anticipate that Agree Realty Corp. will post $2.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.48 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.92 dividend on an annualized basis and a yield of 3.87%. Agree Realty Corp.’s dividend payout ratio is 93.20%.
Several research firms have weighed in on ADC. Jefferies Group upped their target price on Agree Realty Corp. from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 31st. Wunderlich increased their price target on Agree Realty Corp. from $45.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Stifel Nicolaus began coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They issued a “buy” rating and a $54.00 price target for the company. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $45.83.
About Agree Realty Corp.
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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.
Want to see what other hedge funds are holding ADC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agree Realty Corp. (NYSE:ADC).
Receive News & Ratings for Agree Realty Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty Corp. and related companies with MarketBeat.com's FREE daily email newsletter.