Central Pacific Bank Trust Division Makes New $174,000 Investment in Agree Realty Co. (NYSE:ADC)

Central Pacific Bank Trust Division purchased a new stake in shares of Agree Realty Co. (NYSE:ADC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,050 shares of the real estate investment trust’s stock, valued at approximately $174,000.

Other hedge funds have also made changes to their positions in the company. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty in the fourth quarter valued at $31,000. Lindbrook Capital LLC increased its holdings in shares of Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares during the period. UMB Bank n.a. lifted its position in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in shares of Agree Realty by 96.6% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 364 shares during the period. Finally, GAMMA Investing LLC purchased a new position in Agree Realty during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC traded up $0.30 during trading on Wednesday, hitting $61.77. The stock had a trading volume of 35,019 shares, compared to its average volume of 923,014. The firm has a market cap of $6.22 billion, a PE ratio of 36.16, a P/E/G ratio of 2.44 and a beta of 0.58. 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 Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a 50 day simple moving average of $60.55 and a 200-day simple moving average of $59.18.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.86%. Agree Realty’s payout ratio is presently 176.47%.

Analysts Set New Price Targets

Several equities analysts have recently commented on ADC shares. UBS Group began coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price target on the stock. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Mizuho increased their price objective on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Finally, KeyCorp started coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price for the company. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.