Motley Fool Wealth Management LLC Acquires 20,619 Shares of Agree Realty Co. (NYSE:ADC)

Motley Fool Wealth Management LLC lifted its position in Agree Realty Co. (NYSE:ADC) by 126.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,934 shares of the real estate investment trust’s stock after purchasing an additional 20,619 shares during the quarter. Motley Fool Wealth Management LLC’s holdings in Agree Realty were worth $2,327,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADC. CWM LLC increased its holdings in shares of Agree Realty by 117.3% in the third 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. SG Americas Securities LLC increased its holdings in shares of Agree Realty by 136.1% in the third quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock worth $1,310,000 after purchasing an additional 13,671 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Agree Realty by 3.5% in the third quarter. State of Alaska Department of Revenue now owns 55,422 shares of the real estate investment trust’s stock worth $3,061,000 after purchasing an additional 1,860 shares during the period. Manning & Napier Group LLC increased its holdings in shares of Agree Realty by 7.7% in the third quarter. Manning & Napier Group LLC now owns 172,025 shares of the real estate investment trust’s stock worth $9,503,000 after purchasing an additional 12,281 shares during the period. Finally, Commonwealth Equity Services LLC bought a new position in shares of Agree Realty in the third quarter worth $234,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADC. 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 report on Monday, January 22nd. Truist Financial cut their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Wells Fargo & Company cut their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Royal Bank of Canada cut their target price on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Trading Down 0.5 %

NYSE ADC traded down $0.28 during trading on Friday, hitting $57.77. 781,009 shares of the company’s stock traded hands, compared to its average volume of 947,146. The stock has a fifty day moving average of $56.63 and a two-hundred day moving average of $58.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.74. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. The firm has a market cap of $5.81 billion, a P/E ratio of 33.97, a PEG ratio of 2.66 and a beta of 0.52.

Agree Realty Increases Dividend

The firm 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. This represents a $3.00 annualized dividend and a yield of 5.19%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio is presently 174.12%.

Insider Buying and Selling at Agree Realty

In other news, Chairman Richard Agree acquired 16,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Joey Agree acquired 2,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard Agree acquired 16,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders acquired a total of 42,482 shares of company stock worth $2,397,572 over the last three months. Company insiders own 1.80% of the company’s stock.

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.