HTLF Bank Purchases Shares of 7,187 Agree Realty Co. (NYSE:ADC)

HTLF Bank bought a new stake in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,187 shares of the real estate investment trust’s stock, valued at approximately $452,000.

A number of other hedge funds have also added to or reduced their stakes in ADC. Envestnet Asset Management Inc. raised its holdings in Agree Realty by 59.2% in 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 in the last quarter. Impax Asset Management Group plc bought a new stake in Agree Realty in the 4th quarter worth approximately $7,554,000. Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock valued at $74,127,000 after purchasing an additional 21,254 shares during the period. Asset Management One Co. Ltd. raised its stake 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 holdings in Agree Realty by 210.1% in the 4th 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. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 1.3 %

NYSE:ADC opened at $56.55 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $56.58 and a 200-day simple moving average of $58.16. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a market capitalization of $5.69 billion, a P/E ratio of 33.07, a PEG ratio of 2.58 and a beta of 0.52.

Agree Realty Increases Dividend

The company also recently declared 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 is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.31%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 173.10%.

Insider Buying and Selling at Agree Realty

In other news, Chairman Richard Agree bought 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. In other Agree Realty news, Chairman Richard Agree bought 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction on Thursday, February 15th. The shares were bought at an average price 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 approximately $32,112,896.68. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 42,482 shares of company stock worth $2,397,572. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on ADC shares. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target for the company in a research report on Monday, January 22nd. Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Wells Fargo & Company cut their price objective 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. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. Finally, BMO Capital Markets assumed coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty 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.