NewEdge Wealth LLC Purchases Shares of 3,568 Agree Realty Co. (NYSE:ADC)

NewEdge Wealth LLC purchased a new stake in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,568 shares of the real estate investment trust’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADC. Cambridge Investment Research Advisors Inc. boosted its stake in Agree Realty by 28.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,093 shares of the real estate investment trust’s stock valued at $603,000 after purchasing an additional 2,014 shares in the last quarter. HighTower Advisors LLC boosted its stake in Agree Realty by 8.3% during the 1st quarter. HighTower Advisors LLC now owns 7,836 shares of the real estate investment trust’s stock valued at $519,000 after purchasing an additional 598 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Agree Realty by 15.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,185 shares of the real estate investment trust’s stock valued at $1,009,000 after purchasing an additional 2,082 shares in the last quarter. Bank of Montreal Can boosted its stake in Agree Realty by 10.4% during the 1st quarter. Bank of Montreal Can now owns 27,686 shares of the real estate investment trust’s stock valued at $1,826,000 after purchasing an additional 2,597 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Agree Realty by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 36,972 shares of the real estate investment trust’s stock valued at $2,453,000 after purchasing an additional 13,423 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reduced their price objective on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada reduced their price objective on 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 reduced their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. BMO Capital Markets assumed coverage on Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. Finally, JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.61.

Insider Buying and Selling

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

Agree Realty Price Performance

ADC opened at $55.86 on Friday. The stock has a fifty day moving average of $56.64 and a 200-day moving average of $58.16. The firm has a market capitalization of $5.62 billion, a P/E ratio of 32.65, a PEG ratio of 2.54 and a beta of 0.52. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. 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 dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 5.37%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is currently 173.10%.

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.