Azzad Asset Management Inc. ADV Acquires Shares of 13,674 Agree Realty Corporation $ADC

Azzad Asset Management Inc. ADV bought a new position in shares of Agree Realty Corporation (NYSE:ADC) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 13,674 shares of the real estate investment trust’s stock, valued at approximately $971,000.

Other large investors have also modified their holdings of the company. Westside Investment Management Inc. grew its holdings in Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 215 shares during the period. Cornerstone Planning Group LLC boosted its position in shares of Agree Realty by 1,513.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 454 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Agree Realty by 158.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Agree Realty by 47.6% during the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 250 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of Agree Realty by 114.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock valued at $58,000 after purchasing an additional 437 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Evercore lowered their price target on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Truist Financial reduced their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. KeyCorp boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.23.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree bought 24,000 shares of the stock in a transaction on Friday, January 9th. The stock was purchased at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. The trade was a 17.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Peter Coughenour purchased 500 shares of the business’s stock in a transaction on Friday, January 9th. The stock was acquired at an average price of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 39,500 shares of company stock worth $2,813,680 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $75.36 on Tuesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The business’s fifty day moving average price is $72.39 and its two-hundred day moving average price is $72.75. The stock has a market cap of $8.66 billion, a PE ratio of 44.07, a price-to-earnings-growth ratio of 2.65 and a beta of 0.54. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.262 per share. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.