Agree Realty Co. (NYSE:ADC) Shares Purchased by Securian Asset Management Inc.

Securian Asset Management Inc. raised its position in Agree Realty Co. (NYSE:ADC) by 4.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,483 shares of the real estate investment trust’s stock after purchasing an additional 330 shares during the quarter. Securian Asset Management Inc.’s holdings in Agree Realty were worth $534,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADC. Quadrant Capital Group LLC lifted its holdings in Agree Realty by 35.7% in the fourth quarter. Quadrant Capital Group LLC now owns 4,079 shares of the real estate investment trust’s stock valued at $257,000 after acquiring an additional 1,074 shares during the last quarter. Inceptionr LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at $888,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Agree Realty by 162.8% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 16,797 shares of the real estate investment trust’s stock worth $1,057,000 after purchasing an additional 10,405 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Agree Realty by 5.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 60,544 shares of the real estate investment trust’s stock worth $3,785,000 after purchasing an additional 3,067 shares during the last quarter. Finally, Westpac Banking Corp raised its holdings in Agree Realty by 20.4% in the 4th quarter. Westpac Banking Corp now owns 30,247 shares of the real estate investment trust’s stock valued at $1,904,000 after buying an additional 5,124 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.9 %

Agree Realty stock opened at $60.20 on Thursday. The firm has a market capitalization of $6.06 billion, a P/E ratio of 35.41, a P/E/G ratio of 2.23 and a beta of 0.52. The stock’s fifty day simple moving average is $57.55 and its 200-day simple moving average is $58.78. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Thursday, May 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ADC shares. Royal Bank of Canada lowered their target price 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. Stifel Nicolaus lowered their price objective on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research report on Wednesday, February 14th. Wells Fargo & Company cut their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Mizuho upped their price target on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Monday, May 13th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.83.

Insider Activity

In other news, Chairman Richard Agree bought 16,000 shares of the business’s 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 owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.80% 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.