Louisiana State Employees Retirement System Takes Position in Agree Realty Co. (NYSE:ADC)

Louisiana State Employees Retirement System acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,200 shares of the real estate investment trust’s stock, valued at approximately $1,775,000.

Several other hedge funds have also recently modified their holdings of ADC. HBC Financial Services PLLC acquired a new position in shares of Agree Realty during the fourth quarter valued at about $31,000. Northwestern Mutual Wealth Management Co. increased its holdings in Agree Realty by 7,150.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 429 shares during the period. CWM LLC increased its holdings in Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 393 shares during the period. State of Wyoming increased its holdings in Agree Realty by 34.8% in the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 172 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its holdings in Agree Realty by 96.6% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 364 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Activity

In other Agree Realty news, Chairman Richard Agree bought 16,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director John Rakolta, Jr. acquired 20,430 shares of Agree Realty stock in a transaction that occurred on Friday, February 16th. The stock was purchased 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 in the company, valued at $22,375,293. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock worth $2,397,572 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

Agree Realty Trading Up 1.2 %

Shares of NYSE:ADC opened at $55.86 on Friday. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 2.54 and a beta of 0.52. 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 business’s 50 day moving average price is $56.64 and its 200-day moving average price is $58.16.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.37%. Agree Realty’s dividend payout ratio (DPR) is 173.10%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADC shares. Stifel Nicolaus cut 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. Mizuho cut their price target 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. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a report on Monday, January 22nd. Royal Bank of Canada lowered their price objective on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, StockNews.com lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

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.