Allspring Global Investments Holdings LLC Buys 195,256 Shares of Agree Realty Co. (NYSE:ADC)

Allspring Global Investments Holdings LLC grew its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 44.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 638,225 shares of the real estate investment trust's stock after purchasing an additional 195,256 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.63% of Agree Realty worth $40,176,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Agree Realty by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust's stock valued at $760,070,000 after buying an additional 452,798 shares in the last quarter. Principal Financial Group Inc. increased its position in Agree Realty by 0.4% during the third quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust's stock worth $328,190,000 after acquiring an additional 25,723 shares during the period. State Street Corp raised its stake in Agree Realty by 4.8% in the 3rd quarter. State Street Corp now owns 4,751,897 shares of the real estate investment trust's stock worth $322,195,000 after purchasing an additional 217,810 shares in the last quarter. Centersquare Investment Management LLC boosted its holdings in Agree Realty by 6.1% in the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust's stock valued at $252,757,000 after purchasing an additional 218,492 shares during the period. Finally, Morgan Stanley grew its position in shares of Agree Realty by 75.2% during the 4th quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust's stock worth $177,806,000 after purchasing an additional 1,075,648 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares of the company's stock, valued at approximately $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director John Rakolta, Jr. purchased 20,430 shares of the firm's stock in a transaction 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 completion of the purchase, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Joey Agree acquired 2,000 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following 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 disclosure for this purchase can be found here. Over the last quarter, insiders have bought 42,482 shares of company stock valued at $2,397,572. 1.60% of the stock is currently owned by insiders.

Agree Realty Trading Down 0.9 %

Shares of ADC traded down $0.53 during mid-day trading on Friday, reaching $56.22. 937,641 shares of the company were exchanged, compared to its average volume of 1,072,454. The business has a 50 day simple moving average of $56.81 and a two-hundred day simple moving average of $58.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market capitalization of $5.65 billion, a PE ratio of 32.88, a PEG ratio of 2.61 and a beta of 0.52. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. 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 annualized dividend and a yield of 5.34%. Agree Realty's payout ratio is presently 173.10%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. StockNews.com cut Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday, March 8th. Royal Bank of Canada reduced their price target on shares of Agree Realty from $67.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, February 15th. Mizuho lowered their price objective on shares of Agree Realty from $65.00 to $60.00 and set a "neutral" rating for the company in a research report on Thursday, March 7th. Stifel Nicolaus reduced their target price on Agree Realty from $70.00 to $69.50 and set a "buy" rating on the stock in a report on Wednesday, February 14th. Finally, BMO Capital Markets assumed coverage on Agree Realty in a report on Tuesday, February 13th. They set an "outperform" rating and a $69.00 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and an average price target of $65.61.

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.