Schnieders Capital Management LLC Takes Position in Agree Realty Co. (NYSE:ADC)

Schnieders Capital Management LLC bought a new position 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 and Exchange Commission (SEC). The fund bought 14,260 shares of the real estate investment trust’s stock, valued at approximately $898,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 valued at $12,801,000 after acquiring an additional 86,181 shares in the last quarter. Impax Asset Management Group plc purchased a new position in shares of Agree Realty in the fourth quarter worth approximately $7,554,000. Daiwa Securities Group Inc. boosted its holdings in shares of Agree Realty by 1.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after purchasing an additional 21,254 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Agree Realty by 14.5% during 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 purchasing an additional 28,438 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Agree Realty by 210.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock valued at $3,646,000 after acquiring an additional 39,243 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Truist Financial dropped their target price 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. Stifel Nicolaus lowered their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada lowered their target price on Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. JMP Securities raised 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. Finally, Mizuho cut their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the acquisition, the chairman now 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 quarter, insiders have purchased 42,482 shares of company stock valued at $2,397,572. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

ADC stock traded up $0.72 during midday trading on Tuesday, hitting $57.62. The company’s stock had a trading volume of 1,177,999 shares, compared to its average volume of 1,061,406. The stock’s 50-day moving average price is $56.56 and its 200 day moving average price is $58.25. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 2.62 and a beta of 0.52.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.21%. Agree Realty’s dividend payout ratio is 173.10%.

Agree Realty Company 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.