Principal Financial Group Inc. decreased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 2.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,514,873 shares of the real estate investment trust’s stock after selling 40,155 shares during the quarter. Principal Financial Group Inc.’s holdings in Agree Realty were worth $89,559,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADC. BlackRock Inc. boosted its position in shares of Agree Realty by 10.9% during the 4th quarter. BlackRock Inc. now owns 5,763,879 shares of the real estate investment trust’s stock worth $340,764,000 after acquiring an additional 568,426 shares in the last quarter. Cohen & Steers Inc. raised its stake in Agree Realty by 28.0% during the third quarter. Cohen & Steers Inc. now owns 4,238,179 shares of the real estate investment trust’s stock worth $225,132,000 after buying an additional 926,427 shares during the last quarter. Vanguard Group Inc. increased its stake in Agree Realty by 1.8% in the third quarter. Vanguard Group Inc. now owns 3,391,589 shares of the real estate investment trust’s stock valued at $180,161,000 after purchasing an additional 61,342 shares in the last quarter. Vanguard Group Inc increased its stake in Agree Realty by 1.8% in the third quarter. Vanguard Group Inc now owns 3,391,589 shares of the real estate investment trust’s stock valued at $180,161,000 after purchasing an additional 61,342 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Agree Realty by 1.4% during the fourth quarter. Northern Trust Corp now owns 938,489 shares of the real estate investment trust’s stock worth $55,484,000 after acquiring an additional 12,690 shares in the last quarter.
ADC has been the topic of several research reports. Raymond James raised shares of Agree Realty from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, January 8th. Citigroup increased their price target on shares of Agree Realty from $57.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 11th. LADENBURG THALM/SH SH lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Monday, February 11th. Jefferies Financial Group raised shares of Agree Realty from a “hold” rating to a “buy” rating and raised their price objective for the stock from $60.00 to $70.00 in a report on Thursday, December 13th. Finally, Wells Fargo & Co lifted their price target on shares of Agree Realty from $67.00 to $75.00 and gave the company an “outperform” rating in a report on Monday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $66.33.
Agree Realty (NYSE:ADC) last released its quarterly earnings results on Thursday, February 21st. The real estate investment trust reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.36). Agree Realty had a net margin of 39.23% and a return on equity of 5.63%. The firm had revenue of $40.70 million for the quarter, compared to analysts’ expectations of $39.47 million. Analysts predict that Agree Realty Co. will post 3.06 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a $0.555 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.22 annualized dividend and a yield of 3.35%. Agree Realty’s dividend payout ratio is presently 77.89%.
Agree Realty Company Profile
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space.
Further Reading: Reverse Stock Split
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