Agree Realty Co. (NYSE:ADC) CEO Purchases $326,750.00 in Stock

Agree Realty Co. (NYSE:ADC – Get Rating) CEO Joey Agree purchased 5,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $65.35 per share, with a total value of $326,750.00. Following the completion of the acquisition, the chief executive officer now owns 524,253 shares in the company, valued at $34,259,933.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Joey Agree also recently made the following trade(s):

• On Friday, May 12th, Joey Agree acquired 5,000 shares of Agree Realty stock. The stock was acquired at an average price of $66.36 per share, for a total transaction of $331,800.00.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $65.93 on Friday. The company’s fifty day moving average is $67.12 and its 200 day moving average is $69.98. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.44. Agree Realty Co. has a 52 week low of $63.34 and a 52 week high of $80.44. The stock has a market cap of $6.14 billion, a PE ratio of 36.83, a PEG ratio of 3.19 and a beta of 0.46.

Agree Realty (NYSE:ADC – Get Rating) last released its quarterly earnings data on Friday, May 5th. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.52). The company had revenue of $126.62 million during the quarter, compared to analysts’ expectations of $124.55 million. Agree Realty had a return on equity of 4.04% and a net margin of 34.48%. During the same quarter in the prior year, the firm posted $0.97 EPS. Research analysts anticipate that Agree Realty Co. will post 3.94 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Wednesday, May 31st will be given a $0.243 dividend. The ex-dividend date is Tuesday, May 30th. This represents a $2.92 annualized dividend and a yield of 4.42%. Agree Realty’s payout ratio is currently 163.13%.

Institutional Trading of Agree Realty

A number of institutional investors have recently made changes to their positions in the stock. TCI Wealth Advisors Inc. raised its holdings in Agree Realty by 56.2% during the 4th quarter. TCI Wealth Advisors Inc. now owns 392 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 141 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Agree Realty by 99.5% during the third quarter. Versant Capital Management Inc now owns 425 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Agree Realty by 7,150.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Agree Realty during the third quarter worth about $35,000. Finally, Parallel Advisors LLC grew its stake in shares of Agree Realty by 133.2% in the first quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 289 shares during the last quarter.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. Mizuho decreased their target price on Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, March 9th. Stifel Nicolaus raised their target price on shares of Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 21st. Finally, StockNews.com started coverage on shares of Agree Realty in a report on Thursday. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.23.

About Agree Realty

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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.