Vontobel Holding Ltd. Takes $417,000 Position in Agree Realty Co. (NYSE:ADC)

Vontobel Holding Ltd. bought a new position in Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,618 shares of the real estate investment trust’s stock, valued at approximately $417,000.

Several other large investors also recently modified their holdings of ADC. National Bank of Canada FI bought a new stake in shares of Agree Realty in the third quarter worth about $824,000. CWM LLC grew its stake 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 last quarter. Ronald Blue Trust Inc. boosted its position 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 valued at $49,000 after acquiring an additional 313 shares in the last quarter. SG Americas Securities LLC boosted its position in Agree Realty by 136.1% during the 3rd quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock valued at $1,310,000 after acquiring an additional 13,671 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in 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 acquiring an additional 1,860 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research report on Monday, January 22nd. BMO Capital Markets assumed coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective on the stock. Mizuho cut their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. Wells Fargo & Company lowered their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. Finally, Stifel Nicolaus lowered their target price on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.61.

Agree Realty Price Performance

Shares of NYSE ADC opened at $57.62 on Wednesday. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The firm has a market cap of $5.80 billion, a P/E ratio of 33.70, a PEG ratio of 2.62 and a beta of 0.52. The company has a 50 day moving average of $56.56 and a 200 day moving average of $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 Increases Dividend

The company 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 $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s payout ratio is presently 175.44%.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost 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 in the company, valued at $32,112,896.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the transaction, the director now directly owns 392,549 shares in the company, valued at approximately $22,375,293. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joey Agree acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders bought a total of 42,482 shares of company stock worth $2,397,572 in the last three months. Insiders own 1.60% 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.