Aew Capital Management L P Purchases 84,640 Shares of Agree Realty Co. (NYSE:ADC)

Aew Capital Management L P lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 22.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 463,730 shares of the real estate investment trust’s stock after acquiring an additional 84,640 shares during the quarter. Agree Realty makes up approximately 1.1% of Aew Capital Management L P’s holdings, making the stock its 26th biggest holding. Aew Capital Management L P owned about 0.46% of Agree Realty worth $29,192,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Agree Realty by 3.4% during the third quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after acquiring an additional 452,798 shares during the period. Principal Financial Group Inc. grew its holdings in Agree Realty by 0.4% in the third quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust’s stock worth $328,190,000 after purchasing an additional 25,723 shares during the last quarter. Invesco Ltd. grew its holdings in Agree Realty by 11.1% in the third quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock worth $119,239,000 after purchasing an additional 216,494 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Agree Realty by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,375,914 shares of the real estate investment trust’s stock worth $76,005,000 after purchasing an additional 81,290 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Agree Realty by 1.8% in 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 last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

NYSE ADC traded down $0.30 on Friday, reaching $57.75. 780,912 shares of the company’s stock traded hands, 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 P/E/G ratio of 2.68 and a beta of 0.52. The stock has a 50 day moving average price of $56.63 and a 200-day moving average price of $58.26. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71.

Agree Realty Increases Dividend

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

Insider Buying and Selling at Agree Realty

In other news, Director John Rakolta, Jr. acquired 20,430 shares of the business’s stock in a transaction on Friday, February 16th. The stock was bought at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, 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 other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now owns 135,855 shares in the company, valued at $7,539,952.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the acquisition, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 42,482 shares of company stock valued at $2,397,572. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADC shares. Wells Fargo & Company cut their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. BMO Capital Markets started coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Finally, Truist Financial lowered their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target 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.