Impax Asset Management Group plc Takes Position in Agree Realty Co. (NYSE:ADC)

Impax Asset Management Group plc acquired a new position in Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 120,000 shares of the real estate investment trust's stock, valued at approximately $7,554,000. Impax Asset Management Group plc owned approximately 0.12% of Agree Realty as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of ADC. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Agree Realty by 7,150.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 429 shares during the last quarter. CWM LLC grew its position 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 purchasing an additional 393 shares during the period. State of Wyoming raised its stake in Agree Realty by 34.8% during the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 172 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in shares of Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 364 shares during the period. Finally, Coppell Advisory Solutions LLC purchased a new position in shares of Agree Realty in the 2nd quarter worth $48,000. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Agree Realty

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADC. Wells Fargo & Company cut their price objective on shares of Agree Realty from $66.00 to $62.00 and set an "overweight" rating for the company in a research report on Tuesday, February 20th. Royal Bank of Canada reduced their target price on shares of Agree Realty from $67.00 to $63.00 and set an "outperform" rating for the company in a report on Thursday, February 15th. Truist Financial decreased their target price on shares of Agree Realty from $70.00 to $68.00 and set a "buy" rating on the stock in a research note on Tuesday, February 27th. BMO Capital Markets assumed coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an "outperform" rating and a $69.00 target price for the company. Finally, Stifel Nicolaus cut their price target on Agree Realty from $70.00 to $69.50 and set a "buy" rating for the company in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.61.

Agree Realty Price Performance

ADC stock traded up $0.27 during mid-day trading on Thursday, hitting $56.79. The company had a trading volume of 1,114,341 shares, compared to its average volume of 1,075,499. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 33.13, a P/E/G ratio of 2.64 and a beta of 0.52. The company has a 50-day moving average price of $56.96 and a 200 day moving average price of $58.15. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Agree Realty's previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.28%. Agree Realty's dividend payout ratio is presently 173.10%.

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.