Agree Realty Co. (ADC) Stake Lowered by Crestline Management LP
Crestline Management LP decreased its position in shares of Agree Realty Co. (NYSE:ADC) by 51.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,874 shares of the real estate investment trust’s stock after selling 43,018 shares during the quarter. Crestline Management LP’s holdings in Agree Realty were worth $2,416,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of ADC. Lindbrook Capital LLC bought a new position in Agree Realty during the fourth quarter valued at approximately $31,000. We Are One Seven LLC bought a new position in Agree Realty during the fourth quarter valued at approximately $33,000. IFP Advisors Inc lifted its position in Agree Realty by 33.8% during the fourth quarter. IFP Advisors Inc now owns 669 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 169 shares during the period. Bessemer Group Inc. bought a new position in Agree Realty during the fourth quarter valued at approximately $77,000. Finally, LS Investment Advisors LLC lifted its position in Agree Realty by 226.3% during the fourth quarter. LS Investment Advisors LLC now owns 3,051 shares of the real estate investment trust’s stock valued at $180,000 after purchasing an additional 2,116 shares during the period.
ADC opened at $65.86 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Agree Realty Co. has a 1-year low of $46.27 and a 1-year high of $67.58. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 23.11, a price-to-earnings-growth ratio of 3.83 and a beta of 0.18.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a $0.555 dividend. The ex-dividend date is Thursday, March 28th. This represents a $2.22 annualized dividend and a yield of 3.37%. Agree Realty’s payout ratio is presently 77.89%.
A number of brokerages recently weighed in on ADC. Raymond James increased their price objective on shares of Agree Realty from $59.00 to $68.00 and gave the company an “outperform” rating in a research report on Monday, December 10th. Citigroup increased their price objective on shares of Agree Realty from $57.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, December 11th. LADENBURG THALM/SH SH downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Monday, February 11th. Finally, Jefferies Financial Group upgraded shares of Agree Realty from a “hold” rating to a “buy” rating and increased their price objective for the company from $60.00 to $70.00 in a research report on Thursday, December 13th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Agree Realty currently has a consensus rating of “Buy” and an average target price of $64.33.
Agree Realty Company 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 December 31, 2018, the Company owned and operated a portfolio of 645 properties, located in 46 states and containing approximately 11.2 million square feet of gross leasable space.
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