Bahl & Gaynor Inc. Cuts Stock Position in Agree Realty Co. (NYSE:ADC)

Bahl & Gaynor Inc. lessened its position in Agree Realty Co. (NYSE:ADC) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 345,863 shares of the real estate investment trust’s stock after selling 3,682 shares during the quarter. Bahl & Gaynor Inc. owned approximately 0.34% of Agree Realty worth $21,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ADC. HBC Financial Services PLLC purchased a new stake in Agree Realty during the 4th quarter worth about $31,000. Lindbrook Capital LLC increased its holdings in Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 430 shares during the period. CWM LLC increased its holdings in Agree Realty by 117.3% during the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 393 shares during the period. Jamison Private Wealth Management Inc. increased its holdings in Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 364 shares during the period. Finally, GAMMA Investing LLC purchased a new stake in Agree Realty during the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Royal Bank of Canada cut their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Truist Financial cut their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. 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 report on Monday, January 22nd. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the transaction, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the transaction, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by company insiders.

Agree Realty Stock Performance

Shares of NYSE ADC traded down $0.30 during trading hours on Friday, reaching $57.75. The stock had a trading volume of 780,912 shares, compared to its average volume of 1,059,648. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 2.68 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The firm has a 50-day moving average of $56.62 and a 200-day moving average of $58.25.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date is Monday, April 29th. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.19%. Agree Realty’s dividend payout ratio is 174.12%.

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.