Allianz Asset Management GmbH Takes Position in Agree Realty Corporation (NYSE:ADC)

Key Points

• Allianz Asset Management GmbH acquired a stake in Agree Realty Corporation, purchasing 91,329 shares valued at approximately $7,050,000 during the first quarter.
• Multiple institutional investors have increased their positions in Agree Realty, with significant boosts from Lindbrook Capital (260.3%) and Larson Financial Group (415.1%) during the same period.
• The company recently announced a monthly dividend of $0.256 per share, resulting in an annualized yield of 4.23%, with a payout ratio of 173.45%.

Allianz Asset Management GmbH purchased a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 91,329 shares of the real estate investment trust's stock, valued at approximately $7,050,000. Allianz Asset Management GmbH owned approximately 0.08% of Agree Realty as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ADC. Corient Private Wealth LLC increased its holdings in Agree Realty by 69.9% in the 4th quarter. Corient Private Wealth LLC now owns 5,551 shares of the real estate investment trust's stock worth $391,000 after purchasing an additional 2,284 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Agree Realty by 28.9% during the 4th quarter. Teacher Retirement System of Texas now owns 16,009 shares of the real estate investment trust's stock valued at $1,128,000 after purchasing an additional 3,591 shares in the last quarter. LPL Financial LLC boosted its position in shares of Agree Realty by 35.2% during the 4th quarter. LPL Financial LLC now owns 39,342 shares of the real estate investment trust's stock valued at $2,772,000 after purchasing an additional 10,252 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Agree Realty by 5.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 68,023 shares of the real estate investment trust's stock valued at $4,784,000 after purchasing an additional 3,600 shares in the last quarter. Finally, UniSuper Management Pty Ltd boosted its position in shares of Agree Realty by 7.1% during the 4th quarter. UniSuper Management Pty Ltd now owns 30,000 shares of the real estate investment trust's stock valued at $2,114,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Performance

Shares of ADC traded down $0.06 during trading hours on Thursday, reaching $72.58. 75,487 shares of the company traded hands, compared to its average volume of 1,199,926. The stock has a market capitalization of $7.99 billion, a P/E ratio of 41.00, a P/E/G ratio of 2.38 and a beta of 0.54. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The business has a fifty day moving average price of $73.64 and a 200-day moving average price of $74.13.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's payout ratio is 173.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Evercore ISI lifted their price objective on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Barclays lifted their price objective on Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $80.32.

Agree Realty 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.