Agree Realty Co. (NYSE:ADC) Shares Sold by Blue Chip Partners LLC

Blue Chip Partners LLC lessened its holdings in shares of Agree Realty Co. (NYSE:ADC) by 12.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,959 shares of the real estate investment trust’s stock after selling 5,769 shares during the period. Blue Chip Partners LLC’s holdings in Agree Realty were worth $2,452,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in Agree Realty by 59.2% during the third quarter. Envestnet Asset Management Inc. now owns 231,730 shares of the real estate investment trust’s stock worth $12,801,000 after purchasing an additional 86,181 shares during the last quarter. Impax Asset Management Group plc purchased a new stake in Agree Realty during the fourth quarter valued at about $7,554,000. Daiwa Securities Group Inc. boosted its position in shares of Agree Realty by 1.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after buying an additional 21,254 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Agree Realty by 14.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 225,129 shares of the real estate investment trust’s stock worth $14,289,000 after buying an additional 28,438 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Agree Realty by 210.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock worth $3,646,000 after buying an additional 39,243 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the transaction, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John Rakolta, Jr. bought 20,430 shares of the stock in a transaction on Friday, February 16th. The stock was purchased 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 in the company, valued at $22,375,293. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard Agree bought 16,000 shares of the stock in a transaction 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 acquisition, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders bought a total of 42,482 shares of company stock worth $2,397,572 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $58.00 on Monday. The firm has a fifty day moving average of $56.63 and a two-hundred day moving average of $58.31. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 2.65 and a beta of 0.52. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty Increases Dividend

The firm also recently announced 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. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.17%. Agree Realty’s payout ratio is presently 174.12%.

Analysts Set New Price Targets

Several analysts have issued reports on ADC shares. BMO Capital Markets started coverage on Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective on the stock. Wells Fargo & Company decreased their price target on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Truist Financial reduced their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Finally, Royal Bank of Canada cut their price objective on Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.61.

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.