Mitsubishi UFJ Trust & Banking Corp grew its stake in Agree Realty Co. (NYSE:ADC – Get Rating) by 25.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,667 shares of the real estate investment trust’s stock after acquiring an additional 339 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Agree Realty were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Agree Realty by 1.9% in the 1st quarter. BlackRock Inc. now owns 13,921,086 shares of the real estate investment trust’s stock valued at $923,802,000 after acquiring an additional 253,433 shares during the period. Vanguard Group Inc. increased its stake in shares of Agree Realty by 3.3% during the first quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust’s stock worth $760,276,000 after purchasing an additional 361,722 shares during the period. Principal Financial Group Inc. lifted its holdings in Agree Realty by 4.1% during the 1st quarter. Principal Financial Group Inc. now owns 5,999,765 shares of the real estate investment trust’s stock worth $398,144,000 after purchasing an additional 237,186 shares during the last quarter. State Street Corp boosted its stake in Agree Realty by 11.7% in the 1st quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust’s stock valued at $287,195,000 after purchasing an additional 451,462 shares during the period. Finally, Centersquare Investment Management LLC grew its holdings in Agree Realty by 6.1% in the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock valued at $252,757,000 after buying an additional 218,492 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Citigroup lifted their target price on Agree Realty to $80.00 in a report on Monday, August 15th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $76.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, August 4th. Truist Financial raised their target price on shares of Agree Realty from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, August 22nd. Raymond James dropped their price target on shares of Agree Realty from $85.00 to $80.00 and set a “strong-buy” rating for the company in a research report on Tuesday, October 4th. Finally, StockNews.com initiated coverage on Agree Realty in a research report on Wednesday, October 12th. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.41.
Agree Realty Trading Down 0.5 %
Agree Realty Announces Dividend
The firm also recently announced a monthly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Wednesday, November 30th will be paid a dividend of $0.24 per share. This represents a $2.88 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Tuesday, November 29th. Agree Realty’s payout ratio is 157.38%.
Agree Realty 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 September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.
- Get a free copy of the StockNews.com research report on Agree Realty (ADC)
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