Agree Realty Co. (NYSE:ADC) Shares Acquired by Point72 Hong Kong Ltd
Point72 Hong Kong Ltd lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1,254.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,875 shares of the real estate investment trust’s stock after acquiring an additional 3,589 shares during the period. Point72 Hong Kong Ltd’s holdings in Agree Realty were worth $272,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ADC. First Trust Advisors LP boosted its stake in Agree Realty by 126.4% in the 1st quarter. First Trust Advisors LP now owns 55,316 shares of the real estate investment trust’s stock worth $3,836,000 after purchasing an additional 30,888 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Agree Realty by 2.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 59,384 shares of the real estate investment trust’s stock worth $4,118,000 after buying an additional 1,243 shares during the last quarter. State Street Corp lifted its stake in shares of Agree Realty by 11.4% during the third quarter. State Street Corp now owns 1,750,982 shares of the real estate investment trust’s stock worth $129,074,000 after buying an additional 179,324 shares during the period. Stifel Financial Corp lifted its stake in shares of Agree Realty by 1.6% during the third quarter. Stifel Financial Corp now owns 30,982 shares of the real estate investment trust’s stock worth $2,259,000 after buying an additional 489 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Agree Realty by 10.4% during the third quarter. California State Teachers Retirement System now owns 63,951 shares of the real estate investment trust’s stock valued at $4,678,000 after buying an additional 6,033 shares during the last quarter.
A number of brokerages recently issued reports on ADC. Citigroup lowered Agree Realty from a “buy” rating to a “neutral” rating in a research note on Friday, December 13th. Robert W. Baird raised their price objective on Agree Realty from $79.00 to $84.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Stifel Nicolaus decreased their target price on Agree Realty from $81.00 to $70.00 and set a “buy” rating for the company in a report on Friday, March 20th. Capital One Financial began coverage on Agree Realty in a report on Thursday, December 5th. They set an “overweight” rating and a $82.00 target price for the company. Finally, Zacks Investment Research lowered Agree Realty from a “buy” rating to a “hold” rating in a research report on Thursday, January 9th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Agree Realty has an average rating of “Buy” and a consensus target price of $80.57.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Friday, March 27th will be paid a dividend of $0.585 per share. The ex-dividend date of this dividend is Thursday, March 26th. This represents a $2.34 dividend on an annualized basis and a dividend yield of 3.72%. Agree Realty’s payout ratio is currently 75.97%.
In other news, Director Jerome R. Rossi acquired 2,000 shares of the company’s stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average price of $60.72 per share, with a total value of $121,440.00. Following the purchase, the director now directly owns 4,171 shares of the company’s stock, valued at $253,263.12. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Simon Leopold bought 1,000 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $72.60 per share, with a total value of $72,600.00. Following the completion of the acquisition, the director now owns 2,762 shares in the company, valued at $200,521.20. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.
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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