Oak Thistle LLC Has $2.21 Million Stock Position in Agree Realty Corporation $ADC

Oak Thistle LLC grew its position in Agree Realty Corporation (NYSE:ADC) by 757.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 30,694 shares of the real estate investment trust’s stock after buying an additional 27,115 shares during the period. Oak Thistle LLC’s holdings in Agree Realty were worth $2,211,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADC. Jane Street Group LLC grew its stake in shares of Agree Realty by 268.9% during the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Agree Realty by 158.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Agree Realty during the second quarter worth $1,875,000. EverSource Wealth Advisors LLC grew its stake in shares of Agree Realty by 245.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 965 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Agree Realty by 46.8% during the second quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust’s stock worth $5,421,000 after purchasing an additional 23,662 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADC. Barclays lifted their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Friday, March 13th. Evercore decreased their price objective on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Royal Bank Of Canada lifted their price objective on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Mizuho lifted their price objective on Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 11th. Finally, Truist Financial lifted their target price on Agree Realty from $79.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $83.21.

Insider Activity

In other Agree Realty news, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The shares were purchased at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree bought 24,000 shares of Agree Realty stock in a transaction on Friday, January 9th. The shares were acquired at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 24,646 shares of company stock worth $1,742,031. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

ADC stock opened at $76.35 on Wednesday. The business’s 50-day moving average price is $77.20 and its two-hundred day moving average price is $74.28. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54. The firm has a market cap of $9.16 billion, a PE ratio of 43.14, a P/E/G ratio of 2.58 and a beta of 0.53. Agree Realty Corporation has a 1-year low of $68.98 and a 1-year high of $82.08.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.262 per share. The ex-dividend date is Tuesday, March 31st. This represents a c) annualized dividend and a yield of 4.1%. Agree Realty’s payout ratio is currently 177.40%.

About Agree Realty

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.