First National Bank of Omaha Invests $1.64 Million in Agree Realty Corporation $ADC

First National Bank of Omaha acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 23,011 shares of the real estate investment trust’s stock, valued at approximately $1,635,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Agree Realty by 2.2% during the third quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after purchasing an additional 329,892 shares in the last quarter. State Street Corp lifted its stake in shares of Agree Realty by 7.1% during the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock valued at $422,629,000 after buying an additional 381,438 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Agree Realty by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after buying an additional 170,827 shares during the period. JPMorgan Chase & Co. boosted its holdings in Agree Realty by 65.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after buying an additional 799,185 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Agree Realty by 5.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,780,620 shares of the real estate investment trust’s stock worth $130,092,000 after buying an additional 85,323 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In related news, CFO Peter Coughenour acquired 500 shares of the stock in a transaction dated Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The stock was bought at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the acquisition, the director owned 562,606 shares in the company, valued at approximately $40,608,901.08. This trade represents a 2.74% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 39,500 shares of company stock worth $2,813,680 in the last three months. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ADC shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, January 21st. KeyCorp upped their price target on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Truist Financial cut their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Evercore lowered their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Finally, Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Stock Down 3.1%

Shares of ADC opened at $76.69 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 43.33, a price-to-earnings-growth ratio of 2.81 and a beta of 0.54. Agree Realty Corporation has a 1 year low of $68.98 and a 1 year high of $79.65. The business’s 50 day simple moving average is $72.98 and its 200-day simple moving average is $72.97.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s dividend payout ratio (DPR) is presently 177.40%.

Agree Realty Profile

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.