Exchange Traded Concepts LLC Sells 38,465 Shares of Agree Realty Corporation $ADC

Exchange Traded Concepts LLC lowered its position in shares of Agree Realty Corporation (NYSE:ADC) by 45.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,704 shares of the real estate investment trust’s stock after selling 38,465 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Agree Realty were worth $3,364,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Agree Realty by 2.2% in the third quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after acquiring an additional 329,892 shares in the last quarter. State Street Corp increased its position in Agree Realty by 0.5% during the third quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock worth $412,954,000 after acquiring an additional 27,546 shares during the period. Centersquare Investment Management LLC raised its stake in Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after purchasing an additional 51,269 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Agree Realty by 0.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock worth $167,825,000 after purchasing an additional 15,389 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Agree Realty by 65.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after purchasing an additional 799,185 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $75.32 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $82.08. The firm has a market cap of $9.04 billion, a P/E ratio of 42.55, a P/E/G ratio of 2.91 and a beta of 0.51. The company’s 50-day moving average price is $76.82 and its two-hundred day moving average price is $74.13.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.262 per share. The ex-dividend date is Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 177.40%.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree bought 24,000 shares of the business’s stock in a transaction on Friday, January 9th. The stock was purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ADC shares. Mizuho raised their target price on shares of Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a report on Wednesday, March 11th. UBS Group boosted their price target on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Truist Financial increased their price target on Agree Realty from $79.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Raymond James Financial raised their price objective on Agree Realty from $84.00 to $90.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, Stifel Nicolaus lifted their price objective on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.21.

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.