Amalgamated Bank Boosts Stock Holdings in Agree Realty Co. (NYSE:ADC)

Amalgamated Bank boosted its position in Agree Realty Co. (NYSE:ADC) by 3.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,915 shares of the real estate investment trust’s stock after buying an additional 2,146 shares during the quarter. Amalgamated Bank owned approximately 0.06% of Agree Realty worth $3,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in ADC. Vanguard Group Inc. lifted its holdings in Agree Realty by 3.4% during the third quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock valued at $760,070,000 after purchasing an additional 452,798 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Agree Realty by 2,442.7% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock worth $25,828,000 after buying an additional 449,167 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Agree Realty by 314.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 442,969 shares of the real estate investment trust’s stock valued at $24,470,000 after buying an additional 336,089 shares in the last quarter. Invesco Ltd. raised its holdings in Agree Realty by 11.1% during the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after acquiring an additional 216,494 shares during the period. Finally, Schonfeld Strategic Advisors LLC lifted its position in shares of Agree Realty by 394.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 248,593 shares of the real estate investment trust’s stock worth $13,732,000 after acquiring an additional 198,266 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

ADC has been the subject of several recent research reports. Truist Financial reduced their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Stifel Nicolaus lowered their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Royal Bank of Canada reduced their price objective 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. BMO Capital Markets initiated coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price on the stock. Finally, StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. One 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Trading Down 1.4 %

NYSE ADC opened at $58.37 on Thursday. The stock’s 50-day simple moving average is $56.89 and its two-hundred day simple moving average is $58.46. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 34.34, a PEG ratio of 2.70 and a beta of 0.52.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 5.14%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 cost of $57.56 per share, with a total value 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. acquired 20,430 shares of the company’s 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 purchase, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock worth $2,397,572 over the last ninety days. Insiders own 1.80% of the company’s stock.

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.