Bank of America Corp DE Raises Stock Holdings in Agree Realty Co. (NYSE:ADC)

Bank of America Corp DE raised its position in shares of Agree Realty Co. (NYSE:ADC) by 249.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,205 shares of the real estate investment trust’s stock after acquiring […]

Bank of America Corp DE raised its position in shares of Agree Realty Co. (NYSE:ADC) by 249.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,205 shares of the real estate investment trust’s stock after acquiring an additional 95,081 shares during the quarter. Bank of America Corp DE owned approximately 0.25% of Agree Realty worth $8,753,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Balyasny Asset Management LLC raised its holdings in shares of Agree Realty by 14.4% during the second quarter. Balyasny Asset Management LLC now owns 48,592 shares of the real estate investment trust’s stock valued at $3,193,000 after acquiring an additional 6,114 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 11.5% during the second quarter. Vanguard Group Inc. now owns 7,908,551 shares of the real estate investment trust’s stock valued at $519,671,000 after acquiring an additional 818,313 shares during the last quarter. APG Asset Management US Inc. raised its holdings in shares of Agree Realty by 11.3% during the second quarter. APG Asset Management US Inc. now owns 1,369,000 shares of the real estate investment trust’s stock valued at $89,957,000 after acquiring an additional 139,000 shares during the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Agree Realty by 0.8% in the second quarter. Silvercrest Asset Management Group LLC now owns 75,359 shares of the real estate investment trust’s stock valued at $4,952,000 after purchasing an additional 628 shares during the last quarter. Finally, Advisor Group Holdings Inc. increased its holdings in shares of Agree Realty by 2.6% in the second quarter. Advisor Group Holdings Inc. now owns 7,616 shares of the real estate investment trust’s stock valued at $500,000 after purchasing an additional 196 shares during the last quarter.

Several equities research analysts recently commented on ADC shares. Citigroup increased their price target on Agree Realty from $70.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Raymond James reaffirmed a “buy” rating on shares of Agree Realty in a report on Thursday, August 6th. Wells Fargo & Company increased their price target on Agree Realty from $67.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. Zacks Investment Research cut Agree Realty from a “buy” rating to a “hold” rating in a report on Monday, September 14th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $73.00 price target on shares of Agree Realty in a report on Friday, July 10th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Agree Realty has a consensus rating of “Buy” and an average target price of $75.44.

ADC stock opened at $62.48 on Friday. The business has a fifty day moving average of $66.68 and a two-hundred day moving average of $64.68. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.36. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of 32.21 and a beta of 0.20. Agree Realty Co. has a 52-week low of $45.23 and a 52-week high of $80.51.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Monday, July 20th. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.25). Agree Realty had a return on equity of 5.24% and a net margin of 41.98%. The firm had revenue of $57.54 million for the quarter, compared to analysts’ expectations of $55.23 million. As a group, sell-side analysts anticipate that Agree Realty Co. will post 3.18 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.40 annualized dividend and a dividend yield of 3.84%. Agree Realty’s dividend payout ratio is currently 77.92%.

About Agree Realty

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 March 31, 2019, the Company owned and operated a portfolio of 694 properties, located in 46 states and containing approximately 11.9 million square feet of gross leasable space.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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