Agree Realty Co. (NYSE:ADC) Shares Bought by Janiczek Wealth Management LLC

Janiczek Wealth Management LLC grew its holdings in Agree Realty Co. (NYSE:ADC) by 149.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,608 shares of the real estate investment trust’s stock after buying an additional 1,563 shares during the quarter. Janiczek Wealth Management LLC’s holdings in Agree Realty were worth $164,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ADC. Vanguard Group Inc. increased its holdings in Agree Realty by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after acquiring an additional 452,798 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Agree Realty by 0.4% in the 3rd quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust’s stock worth $328,190,000 after buying an additional 25,723 shares during the last quarter. State Street Corp raised its holdings in shares of Agree Realty by 4.8% during the third quarter. State Street Corp now owns 4,751,897 shares of the real estate investment trust’s stock valued at $322,195,000 after acquiring an additional 217,810 shares during the last quarter. Centersquare Investment Management LLC increased its position in shares of Agree Realty by 6.1% during the first quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock worth $252,757,000 after purchasing an additional 218,492 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Agree Realty by 75.2% during the 4th quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust’s stock worth $177,806,000 after purchasing an additional 1,075,648 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.1 %

Shares of Agree Realty stock traded down $0.04 during trading hours on Friday, reaching $56.71. 40,441 shares of the company were exchanged, compared to its average volume of 1,060,717. The firm has a market cap of $5.70 billion, a PE ratio of 33.19, a PEG ratio of 2.61 and a beta of 0.52. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The stock’s fifty day moving average is $56.87 and its 200 day moving average is $58.14.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.29%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 173.10%.

Insider Transactions at Agree Realty

In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Richard Agree bought 16,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. In the last quarter, insiders bought 42,482 shares of company stock worth $2,397,572. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADC. BMO Capital Markets began coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. Mizuho cut their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price for the company in a research note on Monday, January 22nd. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. Finally, Truist Financial lowered their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

About Agree Realty

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.