Agree Realty Corporation $ADC Shares Sold by American Century Companies Inc.

Key Points

• American Century trimmed its stake in Agree Realty (NYSE:ADC) by 7.2% in Q3, selling 61,304 shares and ending with 793,312 shares worth about $56.36 million, and institutional investors now own roughly 97.83% of the stock.
• Company insiders have been buying: Director John Rakolta Jr. bought 15,000 shares at $72.18 and CFO Peter Coughenour bought 500 shares at $69.80, with insiders purchasing 39,500 shares (~$2.81M) in the past 90 days and owning about 1.80% of the company.
• Agree Realty has a market cap of about $9.73B, a P/E of ~45.8, pays a monthly dividend of $0.262 (annualized yield ~3.9%), and carries a consensus analyst rating of "Moderate Buy" with a $80.50 price target.

American Century Companies Inc. cut its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 7.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 793,312 shares of the real estate investment trust's stock after selling 61,304 shares during the period. American Century Companies Inc. owned 0.69% of Agree Realty worth $56,357,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock worth $205,748,000 after acquiring an additional 51,269 shares in the last quarter. Strs Ohio boosted its holdings in Agree Realty by 79.2% in the third quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust's stock valued at $13,817,000 after purchasing an additional 85,935 shares during the period. AGP Franklin LLC acquired a new position in Agree Realty during the 3rd quarter worth $1,398,000. Cetera Investment Advisers grew its stake in Agree Realty by 4.4% during the 2nd quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust's stock worth $2,340,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Agree Realty by 7.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 342,915 shares of the real estate investment trust's stock worth $24,361,000 after purchasing an additional 25,236 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. purchased 15,000 shares of the business's stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director directly owned 562,606 shares of the company's stock, valued at $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter Coughenour purchased 500 shares of the firm's stock in a transaction that occurred on Friday, January 9th. The shares were bought at an average cost of $69.80 per share, with a total value of $34,900.00. Following the completion of the acquisition, the chief financial officer owned 18,544 shares of the company's stock, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADC has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 25th. Weiss Ratings upgraded shares of Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Mizuho dropped their price objective on shares of Agree Realty from $77.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday, December 17th. Barclays raised their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a report on Wednesday, December 3rd. Finally, Evercore lowered their target price on shares of Agree Realty from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Monday, December 15th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.50.

Agree Realty Stock Down 1.0%

Shares of NYSE:ADC opened at $81.04 on Friday. Agree Realty Corporation has a 1-year low of $68.98 and a 1-year high of $82.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $9.73 billion, a P/E ratio of 45.79, a P/E/G ratio of 3.18 and a beta of 0.52. The firm has a fifty day moving average price of $74.73 and a 200 day moving average price of $73.48.

Agree Realty Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a yield of 3.9%. Agree Realty's dividend payout ratio is currently 177.40%.

Agree Realty Company 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.

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