Private Ocean LLC Acquires Shares of 2,300 Agree Realty Co. (NYSE:ADC)

Private Ocean LLC bought a new stake in Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,300 shares of the real estate investment trust’s stock, valued at approximately $145,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Ensign Peak Advisors Inc raised its holdings in shares of Agree Realty by 0.7% in the first quarter. Ensign Peak Advisors Inc now owns 23,042 shares of the real estate investment trust’s stock valued at $1,581,000 after acquiring an additional 150 shares in the last quarter. Baird Financial Group Inc. grew its stake in shares of Agree Realty by 2.6% during the fourth quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock worth $484,000 after acquiring an additional 171 shares during the last quarter. State of Wyoming grew its stake in shares of Agree Realty by 34.8% during the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 172 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Agree Realty by 3.5% during the first quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock worth $362,000 after acquiring an additional 183 shares during the last quarter. Finally, First National Bank of Omaha grew its stake in shares of Agree Realty by 0.7% during the second quarter. First National Bank of Omaha now owns 28,520 shares of the real estate investment trust’s stock worth $1,865,000 after acquiring an additional 204 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were bought at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders have acquired 52,982 shares of company stock worth $3,054,557 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ADC shares. StockNews.com lowered Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. Stifel Nicolaus dropped their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Mizuho dropped their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. Royal Bank of Canada dropped their target price on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price on the stock in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Performance

Agree Realty stock traded down $0.29 during mid-day trading on Tuesday, hitting $56.78. The company had a trading volume of 788,237 shares, compared to its average volume of 1,073,952. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. The company’s fifty day moving average is $57.38 and its 200-day moving average is $58.23. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 33.33, a P/E/G ratio of 2.64 and a beta of 0.52.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.247 per share. The ex-dividend date is Wednesday, March 27th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.22%. Agree Realty’s dividend payout ratio (DPR) is 173.10%.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.