Public Employees Retirement System of Ohio Has $18.26 Million Stock Holdings in Agree Realty Corporation $ADC

Public Employees Retirement System of Ohio trimmed its position in Agree Realty Corporation (NYSE:ADC) by 8.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 242,250 shares of the real estate investment trust’s stock after selling 22,884 shares during the period. Public Employees Retirement System of Ohio owned about 0.20% of Agree Realty worth $18,261,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADC. Liberty One Investment Management LLC lifted its stake in shares of Agree Realty by 8.4% during the first quarter. Liberty One Investment Management LLC now owns 78,726 shares of the real estate investment trust’s stock valued at $5,934,000 after acquiring an additional 6,079 shares during the period. Bank of Nova Scotia increased its position in Agree Realty by 6.1% in the first quarter. Bank of Nova Scotia now owns 5,736 shares of the real estate investment trust’s stock worth $432,000 after purchasing an additional 332 shares during the period. Sei Investments Co. increased its position in Agree Realty by 27.2% in the first quarter. Sei Investments Co. now owns 1,051,454 shares of the real estate investment trust’s stock worth $79,259,000 after purchasing an additional 225,138 shares during the period. Cetera Investment Advisers raised its holdings in Agree Realty by 20.0% during the 1st quarter. Cetera Investment Advisers now owns 62,562 shares of the real estate investment trust’s stock worth $4,716,000 after purchasing an additional 10,413 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC raised its holdings in Agree Realty by 6.7% during the 1st quarter. Lasalle Investment Management Securities LLC now owns 719,719 shares of the real estate investment trust’s stock worth $54,252,000 after purchasing an additional 45,195 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

Agree Realty stock opened at $80.81 on Friday. The firm has a market capitalization of $9.71 billion, a P/E ratio of 43.68, a PEG ratio of 2.68 and a beta of 0.47. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The business has a 50-day moving average of $76.11 and a 200-day moving average of $76.16. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.267 per share. The ex-dividend date is Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 4.0%. Agree Realty’s payout ratio is currently 172.97%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ADC shares. Robert W. Baird raised their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Huntington began coverage on shares of Agree Realty in a research note on Wednesday, July 15th. They set an “outperform” rating and a $84.00 price target for the company. Wall Street Zen upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Morgan Stanley set a $81.00 price objective on shares of Agree Realty in a report on Tuesday, April 21st. Finally, Jefferies Financial Group started coverage on shares of Agree Realty in a research note on Monday, June 1st. They issued a “buy” rating and a $84.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.88.

Insider Activity at Agree Realty

In other news, Director Greg Lehmkuhl bought 750 shares of the stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $75.09 per share, with a total value of $56,317.50. Following the completion of the purchase, the director owned 34,465 shares of the company’s stock, valued at approximately $2,587,976.85. This trade represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree bought 5,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the acquisition, the chairman owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. This trade represents a 5.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 19,045 shares of company stock worth $1,415,943. 1.80% of the stock is currently owned by company insiders.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.