Agree Realty Co. (NYSE:ADC) Stock Holdings Increased by Aew Capital Management L P

Aew Capital Management L P lifted its stake in Agree Realty Co. (NYSE:ADC) by 22.3% in the fourth quarter, Holdings Channel.com reports. 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 comprises 1.1% of Aew Capital Management L P’s portfolio, making the stock its 26th largest holding. Aew Capital Management L P’s holdings in Agree Realty were worth $29,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its position in Agree Realty by 59.2% during 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 bought a new position in Agree Realty during the fourth quarter valued at approximately $7,554,000. Daiwa Securities Group Inc. raised its position in 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 valued at $74,127,000 after acquiring an additional 21,254 shares in the last quarter. Asset Management One Co. Ltd. raised its position in 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 valued at $14,289,000 after acquiring an additional 28,438 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in Agree Realty by 210.1% during 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 in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of the firm’s stock in a transaction 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 completion of the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Agree Realty news, Director John Rakolta, Jr. purchased 20,430 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Joey Agree purchased 2,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 42,482 shares of company stock worth $2,397,572. Insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

Shares of Agree Realty stock traded down $0.30 during midday trading on Friday, hitting $57.75. The company had a trading volume of 780,912 shares, compared to its average volume of 1,059,648. The business’s 50 day simple moving average is $56.63 and its two-hundred day simple moving average is $58.26. The stock has a market cap of $5.81 billion, a PE ratio of 33.97, a P/E/G ratio of 2.68 and a beta of 0.52. 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 1-year low of $52.69 and a 1-year high of $69.26.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This is an increase 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 dividend payout ratio (DPR) is presently 174.12%.

Analyst Upgrades and Downgrades

ADC has been the topic of several recent research reports. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets initiated coverage on shares of Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective on the stock. 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 research report on Monday, January 22nd. Truist Financial dropped their price target 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. Finally, Wells Fargo & Company dropped their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $65.61.

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.