BlueCrest Capital Management Ltd Acquires Shares of 11,402 Agree Realty Corporation (ADC)
BlueCrest Capital Management Ltd acquired a new position in Agree Realty Corporation (NYSE:ADC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,402 shares of the real estate investment trust’s stock, valued at approximately $523,000.
A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Agree Realty Corporation by 3.5% in the second quarter. BlackRock Inc. now owns 3,843,465 shares of the real estate investment trust’s stock worth $176,299,000 after purchasing an additional 129,983 shares during the period. Vanguard Group Inc. lifted its stake in Agree Realty Corporation by 6.5% in the second quarter. Vanguard Group Inc. now owns 3,513,418 shares of the real estate investment trust’s stock valued at $161,161,000 after buying an additional 214,773 shares during the last quarter. Northern Trust Corp lifted its stake in Agree Realty Corporation by 2.5% in the second quarter. Northern Trust Corp now owns 836,988 shares of the real estate investment trust’s stock valued at $38,392,000 after buying an additional 20,089 shares during the last quarter. State Street Corp lifted its stake in Agree Realty Corporation by 5.9% in the second quarter. State Street Corp now owns 758,535 shares of the real estate investment trust’s stock valued at $34,801,000 after buying an additional 42,067 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Agree Realty Corporation by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 710,557 shares of the real estate investment trust’s stock valued at $32,593,000 after buying an additional 8,328 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.
ADC has been the topic of a number of recent research reports. Zacks Investment Research upgraded Agree Realty Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 target price on shares of Agree Realty Corporation in a research note on Tuesday, August 22nd. BidaskClub cut Agree Realty Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. FBR & Co reiterated a “buy” rating and issued a $58.00 target price (up from $56.00) on shares of Agree Realty Corporation in a research note on Monday, September 18th. Finally, Canaccord Genuity initiated coverage on Agree Realty Corporation in a research note on Tuesday, July 18th. They issued a “buy” rating and a $53.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $51.88.
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Shares of Agree Realty Corporation (ADC) opened at 49.92 on Tuesday. Agree Realty Corporation has a 52 week low of $41.01 and a 52 week high of $51.50. The company has a market capitalization of $1.42 billion, a PE ratio of 22.46 and a beta of 0.57. The company’s 50 day moving average is $49.86 and its 200-day moving average is $48.26.
Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.17. Agree Realty Corporation had a return on equity of 8.23% and a net margin of 54.22%. The business had revenue of $28.10 million for the quarter, compared to analyst estimates of $27.66 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The firm’s revenue for the quarter was up 28.7% compared to the same quarter last year. On average, analysts expect that Agree Realty Corporation will post $1.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend was Thursday, September 28th. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 90.58%.
About Agree Realty Corporation
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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