Rhumbline Advisers grew its position in shares of Agree Realty Co. (NYSE:ADC) by 14.5% in the fourth quarter, HoldingsChannel reports. The firm owned 82,863 shares of the real estate investment trust’s stock after buying an additional 10,481 shares during the quarter. Rhumbline Advisers’ holdings in Agree Realty were worth $4,262,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of ADC. PGGM Investments purchased a new position in shares of Agree Realty during the fourth quarter valued at about $12,860,000. Eagle Asset Management Inc. grew its position in shares of Agree Realty by 130.5% during the third quarter. Eagle Asset Management Inc. now owns 307,458 shares of the real estate investment trust’s stock valued at $15,280,000 after purchasing an additional 174,054 shares in the last quarter. Citadel Advisors LLC grew its position in shares of Agree Realty by 186.7% during the third quarter. Citadel Advisors LLC now owns 213,759 shares of the real estate investment trust’s stock valued at $10,491,000 after purchasing an additional 139,198 shares in the last quarter. Barings LLC grew its position in Agree Realty by 34.3% in the third quarter. Barings LLC now owns 542,482 shares of the real estate investment trust’s stock worth $26,625,000 after acquiring an additional 138,551 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Agree Realty by 40.5% in the third quarter. American Century Companies Inc. now owns 319,770 shares of the real estate investment trust’s stock worth $15,694,000 after acquiring an additional 92,146 shares in the last quarter. Hedge funds and other institutional investors own 96.43% of the company’s stock.
In other Agree Realty news, Director John Rakolta, Jr. bought 12,500 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was acquired at an average price of $47.19 per share, for a total transaction of $589,875.00. Following the completion of the transaction, the director now directly owns 189,933 shares of the company’s stock, valued at $8,962,938.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.40% of the stock is owned by insiders.
Agree Realty Co. (NYSE:ADC) opened at $49.48 on Tuesday. The company has a market capitalization of $1,425.54, a PE ratio of 18.01, a P/E/G ratio of 3.37 and a beta of 0.45. Agree Realty Co. has a 12-month low of $43.74 and a 12-month high of $53.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.15 and a quick ratio of 2.15.
Agree Realty (NYSE:ADC) last announced its earnings results on Thursday, February 22nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.02. Agree Realty had a return on equity of 7.22% and a net margin of 49.86%. The business had revenue of $31.52 million during the quarter, compared to analyst estimates of $31.46 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. analysts expect that Agree Realty Co. will post 2.91 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.08 annualized dividend and a dividend yield of 4.20%. Agree Realty’s dividend payout ratio (DPR) is presently 99.52%.
Agree Realty 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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