Strs Ohio Buys 29,096 Shares of Agree Realty Co. (NYSE:ADC)

Strs Ohio lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 350,443 shares of the real estate investment trust’s stock after purchasing an additional 29,096 shares during the quarter. Strs Ohio owned about 0.35% of Agree Realty worth $22,060,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HBC Financial Services PLLC bought a new position in shares of Agree Realty during the 4th quarter worth about $31,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Agree Realty by 7,150.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 429 shares in the last quarter. CWM LLC lifted its position in Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 393 shares in the last quarter. State of Wyoming lifted its position in Agree Realty by 34.8% in the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 172 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. lifted its position in Agree Realty by 96.6% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 364 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of Agree Realty stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the purchase, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders purchased a total of 42,482 shares of company stock worth $2,397,572 in the last quarter. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. Truist Financial dropped their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Royal Bank of Canada dropped their price target on shares of 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, Mizuho dropped their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Trading Down 0.9 %

NYSE:ADC opened at $55.69 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 2.60 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 firm has a 50-day moving average price of $56.77 and a two-hundred day moving average price of $58.18.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.39%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is presently 173.10%.

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.