Agree Realty Co. (NYSE:ADC) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in Agree Realty Co. (NYSE:ADC) by 44.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 638,225 shares of the real estate investment trust’s stock after acquiring an additional 195,256 shares during the period. Allspring Global Investments Holdings LLC owned about 0.63% of Agree Realty worth $40,176,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. New York State Teachers Retirement System raised its position in Agree Realty by 1.3% in the fourth quarter. New York State Teachers Retirement System now owns 112,113 shares of the real estate investment trust’s stock valued at $7,058,000 after purchasing an additional 1,393 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of Agree Realty by 14.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 225,129 shares of the real estate investment trust’s stock valued at $14,289,000 after buying an additional 28,438 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Agree Realty by 150.8% in the 4th quarter. Private Trust Co. NA now owns 1,590 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 956 shares during the period. Arizona State Retirement System lifted its stake in Agree Realty by 1.4% during the 4th quarter. Arizona State Retirement System now owns 26,912 shares of the real estate investment trust’s stock worth $1,694,000 after acquiring an additional 376 shares in the last quarter. Finally, Trust Point Inc. purchased a new position in Agree Realty during the 4th quarter valued at about $335,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on ADC shares. BMO Capital Markets started coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target on the stock. Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. Royal Bank of Canada decreased their price target on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. Finally, Wells Fargo & Company decreased their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Performance

NYSE:ADC opened at $56.79 on Friday. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $5.71 billion, a PE ratio of 33.21, a price-to-earnings-growth ratio of 2.64 and a beta of 0.52. The business’s fifty day moving average price is $56.87 and its 200 day moving average price is $58.14.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.28%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 173.10%.

Insider Transactions at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, for a total transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard Agree acquired 16,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 42,482 shares of company stock valued at $2,397,572. Corporate insiders own 1.60% of the company’s stock.

Agree Realty Company 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.