Principal Financial Group Inc. Has $456.21 Million Position in Agree Realty Co. (NYSE:ADC)

Principal Financial Group Inc. grew its holdings in Agree Realty Co. (NYSE:ADC) by 12.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,472,037 shares of the real estate investment trust’s stock after purchasing an additional 726,359 shares during the quarter. Principal Financial Group Inc. owned about 9.39% of Agree Realty worth $456,213,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the business. Cambridge Investment Research Advisors Inc. boosted its stake in Agree Realty by 5.7% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 3,296 shares of the real estate investment trust’s stock worth $232,000 after purchasing an additional 177 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of Agree Realty by 4.1% during the second quarter. Ameritas Investment Partners Inc. now owns 5,274 shares of the real estate investment trust’s stock valued at $372,000 after acquiring an additional 207 shares during the period. Prudent Man Advisors LLC lifted its stake in shares of Agree Realty by 7.2% during the first quarter. Prudent Man Advisors LLC now owns 4,202 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 281 shares during the period. Raymond James Trust N.A. lifted its stake in shares of Agree Realty by 9.4% during the second quarter. Raymond James Trust N.A. now owns 3,681 shares of the real estate investment trust’s stock valued at $259,000 after acquiring an additional 315 shares during the period. Finally, Vident Investment Advisory LLC lifted its stake in shares of Agree Realty by 2.7% during the first quarter. Vident Investment Advisory LLC now owns 12,017 shares of the real estate investment trust’s stock valued at $809,000 after acquiring an additional 316 shares during the period.

Several equities analysts have recently issued reports on ADC shares. Mizuho upped their price target on Agree Realty from $73.00 to $79.00 and gave the company a “neutral” rating in a research note on Tuesday, August 24th. BTIG Research upped their price target on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, July 14th. Truist upped their price target on Agree Realty from $78.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Wells Fargo & Company upped their price target on Agree Realty from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, June 25th. Finally, Zacks Investment Research lowered Agree Realty from a “buy” rating to a “hold” rating in a research note on Monday, September 6th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Buy” and a consensus target price of $80.41.

NYSE ADC opened at $71.11 on Wednesday. The firm has a market cap of $4.90 billion, a P/E ratio of 43.63 and a beta of 0.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.69 and a quick ratio of 2.69. The stock’s 50-day moving average is $73.85 and its 200-day moving average is $70.81. Agree Realty Co. has a one year low of $61.27 and a one year high of $75.95.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Sunday, July 25th. The real estate investment trust reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.12). Agree Realty had a return on equity of 3.64% and a net margin of 32.93%. Equities analysts anticipate that Agree Realty Co. will post 3.53 EPS for the current year.

The firm also recently declared a monthly dividend, which was paid on Tuesday, September 14th. Stockholders of record on Tuesday, August 31st were given a dividend of $0.217 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Monday, August 30th. Agree Realty’s dividend payout ratio is currently 80.50%.

About Agree Realty

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.

Featured Article: Green Investing

Want to see what other hedge funds are holding ADC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agree Realty Co. (NYSE:ADC).

Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.