Raymond James Financial Services Advisors Inc. lifted its holdings in Agree Realty Corporation (NYSE:ADC) by 22.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,411 shares of the real estate investment trust’s stock after purchasing an additional 2,293 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Agree Realty Corporation were worth $569,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADC. Riverhead Capital Management LLC raised its position in Agree Realty Corporation by 114.8% during the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock worth $108,000 after acquiring an additional 1,263 shares in the last quarter. Bank of Montreal Can raised its position in Agree Realty Corporation by 300.8% during the second quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock worth $114,000 after acquiring an additional 1,868 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Agree Realty Corporation by 30.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 600 shares in the last quarter. SG Americas Securities LLC bought a new stake in Agree Realty Corporation during the second quarter worth $127,000. Finally, Pinebridge Investments L.P. raised its position in Agree Realty Corporation by 1.0% during the second quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock worth $158,000 after acquiring an additional 34 shares in the last quarter. 83.43% of the stock is currently owned by institutional investors and hedge funds.

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Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of Agree Realty Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday. FBR & Co reaffirmed a “buy” rating and set a $58.00 price target on shares of Agree Realty Corporation in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Agree Realty Corporation in a research report on Tuesday, October 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.00 price target on shares of Agree Realty Corporation in a research report on Tuesday, October 24th. Finally, BidaskClub raised shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $52.13.

Agree Realty Corporation (NYSE:ADC) last issued its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.27). Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The company had revenue of $30.39 million for the quarter, compared to the consensus estimate of $29.48 million. During the same quarter last year, the business posted $0.66 earnings per share. Agree Realty Corporation’s revenue was up 25.8% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 4.27%. The ex-dividend date was Thursday, September 28th. Agree Realty Corporation’s dividend payout ratio (DPR) is presently 99.02%.

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

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