BNP Paribas Arbitrage SA reduced its stake in shares of Agree Realty Corp. (NYSE:ADC) by 54.6% during the third quarter, Holdings Channel reports. The firm owned 3,417 shares of the real estate investment trust’s stock after selling 4,104 shares during the period. BNP Paribas Arbitrage SA’s holdings in Agree Realty Corp. were worth $169,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. Cohen & Steers Inc. purchased a new stake in Agree Realty Corp. during the second quarter valued at approximately $12,490,000. Vanguard Group Inc. boosted its stake in Agree Realty Corp. by 23.6% in the second quarter. Vanguard Group Inc. now owns 2,873,952 shares of the real estate investment trust’s stock valued at $138,640,000 after buying an additional 548,550 shares during the period. FMR LLC boosted its stake in Agree Realty Corp. by 112.3% in the second quarter. FMR LLC now owns 690,710 shares of the real estate investment trust’s stock valued at $33,320,000 after buying an additional 365,400 shares during the period. Mesirow Financial Investment Management Equity Management purchased a new stake in Agree Realty Corp. during the second quarter valued at approximately $17,374,000. Finally, BlackRock Fund Advisors boosted its stake in Agree Realty Corp. by 17.9% in the second quarter. BlackRock Fund Advisors now owns 1,492,484 shares of the real estate investment trust’s stock valued at $71,997,000 after buying an additional 226,976 shares during the period. 80.71% of the stock is owned by institutional investors.
Agree Realty Corp. (NYSE:ADC) opened at 45.73 on Friday. The firm has a market capitalization of $1.07 billion, a PE ratio of 22.55 and a beta of 0.65. The firm has a 50-day moving average price of $47.93 and a 200-day moving average price of $45.09. Agree Realty Corp. has a 1-year low of $30.36 and a 1-year high of $51.33.
Agree Realty Corp. (NYSE:ADC) last released its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share for the quarter, hitting the consensus estimate of $0.61. Agree Realty Corp. had a return on equity of 8.70% and a net margin of 51.23%. The firm earned $21.84 million during the quarter, compared to analysts’ expectations of $21.27 million. Agree Realty Corp.’s revenue was up 26.9% compared to the same quarter last year. Equities analysts expect that Agree Realty Corp. will post $2.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Wednesday, September 28th. Agree Realty Corp.’s payout ratio is 93.20%.
ADC has been the subject of a number of analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $47.00 price objective on shares of Agree Realty Corp. in a research note on Wednesday, July 6th. Zacks Investment Research cut Agree Realty Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Wunderlich lifted their price objective on Agree Realty Corp. from $45.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Stifel Nicolaus initiated coverage on Agree Realty Corp. in a research note on Thursday, July 7th. They set a “buy” rating and a $54.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $45.83.
Agree Realty Corp. Company 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), of which it is the sole general partner and in which Agree Realty holds an approximately 98.3% interest.