Healthcare of Ontario Pension Plan Trust Fund Takes Position in Agree Realty Corporation $ADC

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Agree Realty Corporation (NYSE:ADC) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 98,000 shares of the real estate investment trust’s stock, valued at approximately $7,387,000.

Several other large investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in Agree Realty by 80.8% during the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock valued at $309,266,000 after acquiring an additional 1,918,427 shares during the period. Norges Bank acquired a new position in shares of Agree Realty in the 4th quarter valued at about $116,114,000. Engineers Gate Manager LP lifted its stake in shares of Agree Realty by 3,043.2% in the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust’s stock valued at $85,156,000 after purchasing an additional 1,144,617 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Agree Realty by 41.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust’s stock worth $204,813,000 after purchasing an additional 826,719 shares during the period. Finally, Cohen & Steers Inc. grew its holdings in shares of Agree Realty by 4.8% during the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock worth $1,015,324,000 after purchasing an additional 649,301 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.9%

NYSE ADC opened at $80.38 on Thursday. The company’s fifty day simple moving average is $76.42 and its 200-day simple moving average is $76.41. Agree Realty Corporation has a 52 week low of $69.56 and a 52 week high of $82.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $9.65 billion, a P/E ratio of 43.45, a PEG ratio of 2.70 and a beta of 0.47.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $0.267 dividend. 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%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 750 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $75.09 per share, with a total value of $56,317.50. Following the completion of the transaction, the director owned 34,465 shares in the company, valued at $2,587,976.85. The trade was a 2.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Agree purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the purchase, the chairman owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. This represents a 5.85% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 19,045 shares of company stock valued at $1,415,943 in the last ninety days. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Mizuho cut their price target on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Citigroup boosted their price objective on shares of Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Morgan Stanley set a $81.00 price objective on shares of Agree Realty in a research report on Tuesday, April 21st. Jefferies Financial Group initiated coverage on shares of Agree Realty in a research note on Monday, June 1st. They issued a “buy” rating and a $84.00 target price on the stock. Finally, Weiss Ratings upgraded shares of Agree Realty from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.88.

Agree Realty Company 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.