Agree Realty Co. (NYSE:ADC) Shares Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its position in Agree Realty Co. (NYSE:ADC) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 444,811 shares of the real estate investment trust’s stock after buying an additional 2,351 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Agree Realty were worth $28,001,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ADC. National Bank of Canada FI purchased a new position in shares of Agree Realty during the 3rd quarter valued at approximately $824,000. CWM LLC grew its stake in 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 in the last quarter. Ronald Blue Trust Inc. lifted its holdings in Agree Realty by 54.8% during the 3rd quarter. Ronald Blue Trust Inc. now owns 884 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 313 shares during the last quarter. SG Americas Securities LLC increased its stake in Agree Realty by 136.1% during the third quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock valued at $1,310,000 after purchasing an additional 13,671 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Agree Realty by 3.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 55,422 shares of the real estate investment trust’s stock valued at $3,061,000 after buying an additional 1,860 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased 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 directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard Agree purchased 16,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, 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 SEC, which can be accessed through this link. Also, CEO Joey Agree acquired 2,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock valued at $2,397,572 over the last three months. 1.80% of the stock is currently owned by insiders.

Agree Realty Stock Down 0.5 %

NYSE:ADC traded down $0.30 during trading hours on Friday, hitting $57.75. 780,912 shares of the stock traded hands, compared to its average volume of 1,059,648. The firm has a 50 day moving average price of $56.62 and a 200 day moving average price of $58.25. 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. 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 current ratio of 0.71, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be paid 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 annualized dividend and a dividend yield of 5.19%. Agree Realty’s payout ratio is presently 174.12%.

Wall Street Analysts Forecast Growth

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