Oppenheimer Asset Management Inc. Has $422,000 Position in Agree Realty Co. (ADC)
Oppenheimer Asset Management Inc. lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 93.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,953 shares of the real estate investment trust’s stock after buying an additional 3,843 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Agree Realty were worth $422,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Amalgamated Bank purchased a new position in shares of Agree Realty during the second quarter valued at approximately $233,000. Fox Run Management L.L.C. purchased a new position in shares of Agree Realty during the third quarter valued at approximately $239,000. Vident Investment Advisory LLC purchased a new position in shares of Agree Realty during the second quarter valued at approximately $242,000. Stevens Capital Management LP purchased a new position in shares of Agree Realty during the second quarter valued at approximately $288,000. Finally, Telemus Capital LLC purchased a new position in shares of Agree Realty during the third quarter valued at approximately $293,000. 90.90% of the stock is currently owned by institutional investors.
In other news, Director John Rakolta, Jr. purchased 13,274 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were purchased at an average price of $54.80 per share, with a total value of $727,415.20. Following the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at $657,600. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Richard Agree purchased 6,000 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were purchased at an average cost of $54.77 per share, for a total transaction of $328,620.00. Following the transaction, the insider now directly owns 417,966 shares in the company, valued at $22,891,997.82. The disclosure for this purchase can be found here. 3.70% of the stock is currently owned by insiders.
Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Monday, October 22nd. The real estate investment trust reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.10. Agree Realty had a return on equity of 6.46% and a net margin of 44.17%. The business had revenue of $37.31 million for the quarter, compared to analysts’ expectations of $36.97 million. As a group, research analysts predict that Agree Realty Co. will post 2.87 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a $0.54 dividend. The ex-dividend date was Thursday, September 27th. This represents a $2.16 annualized dividend and a yield of 3.70%. Agree Realty’s dividend payout ratio is currently 79.41%.
ADC has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on Agree Realty from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Wells Fargo & Co set a $63.00 price objective on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, September 4th. SunTrust Banks set a $57.00 price objective on Agree Realty and gave the stock a “buy” rating in a research report on Tuesday, August 7th. ValuEngine raised Agree Realty from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Jefferies Financial Group set a $58.00 price objective on Agree Realty and gave the stock a “hold” rating in a research report on Monday, September 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Agree Realty presently has an average rating of “Buy” and a consensus target price of $58.00.
Agree Realty 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 June 30, 2018, the Company owned and operated a portfolio of 481 properties, located in 44 states and containing approximately 9.3 million square feet of gross leasable space.
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