California State Teachers Retirement System Decreases Holdings in Agree Realty Corporation (ADC)

California State Teachers Retirement System trimmed its holdings in Agree Realty Corporation (NYSE:ADC) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,978 shares of the real estate investment trust’s stock after selling 4,641 shares during the quarter. California State Teachers Retirement System owned about 0.16% of Agree Realty Corporation worth $2,063,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ADC. Riverhead Capital Management LLC raised its position in shares of Agree Realty Corporation by 114.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,363 shares of the real estate investment trust’s stock valued at $108,000 after buying an additional 1,263 shares during the period. Bank of Montreal Can raised its position in shares of Agree Realty Corporation by 300.8% during the 2nd quarter. Bank of Montreal Can now owns 2,489 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 1,868 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Agree Realty Corporation by 30.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,600 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 600 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Agree Realty Corporation during the 2nd quarter valued at approximately $127,000. Finally, Pinebridge Investments L.P. raised its position in shares of Agree Realty Corporation by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 3,446 shares of the real estate investment trust’s stock valued at $158,000 after buying an additional 34 shares during the period. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

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Several analysts have recently commented on ADC shares. B. Riley set a $58.00 price target on shares of Agree Realty Corporation and gave the company a “buy” rating in a research report on Tuesday. FBR & Co reaffirmed a “buy” rating and set a $58.00 price target (up previously from $56.00) on shares of Agree Realty Corporation in a research report on Monday, September 18th. Zacks Investment Research lowered shares of Agree Realty Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. ValuEngine raised shares of Agree Realty Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Canaccord Genuity started coverage on shares of Agree Realty Corporation in a research report on Tuesday, July 18th. They set a “buy” rating and a $53.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Agree Realty Corporation has a consensus rating of “Buy” and a consensus target price of $52.78.

Shares of Agree Realty Corporation (NYSE ADC) opened at $49.39 on Wednesday. The stock has a market capitalization of $1,445.60, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 3.65 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.63 and a quick ratio of 1.63. Agree Realty Corporation has a 12-month low of $42.29 and a 12-month high of $51.50.

Agree Realty Corporation (NYSE:ADC) last announced its earnings results on Monday, October 23rd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.27). The firm had revenue of $30.39 million during the quarter, compared to analysts’ expectations of $29.48 million. Agree Realty Corporation had a net margin of 49.26% and a return on equity of 7.27%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.66 EPS. equities research analysts expect that Agree Realty Corporation will post 2.71 EPS for the current year.

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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