Strs Ohio Grows Stake in Agree Realty Co. (NYSE:ADC)

Strs Ohio boosted its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 9.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 350,443 shares of the real estate investment trust's stock after purchasing an additional 29,096 shares during the quarter. Strs Ohio owned about 0.35% of Agree Realty worth $22,060,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADC. Ensign Peak Advisors Inc lifted its holdings in shares of Agree Realty by 0.7% in the 1st quarter. Ensign Peak Advisors Inc now owns 23,042 shares of the real estate investment trust's stock worth $1,581,000 after purchasing an additional 150 shares in the last quarter. Baird Financial Group Inc. raised its holdings in Agree Realty by 2.6% during the fourth quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust's stock worth $484,000 after buying an additional 171 shares during the last quarter. State of Wyoming raised its holdings in Agree Realty by 34.8% during the second 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 last quarter. Applied Capital LLC FL lifted its stake in shares of Agree Realty by 2.4% in the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust's stock valued at $469,000 after buying an additional 174 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in shares of Agree Realty by 3.5% during the first quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust's stock valued at $362,000 after buying an additional 183 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JMP Securities upgraded shares of Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a report on Monday, January 22nd. Royal Bank of Canada dropped their target price on Agree Realty from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, February 15th. BMO Capital Markets initiated coverage on Agree Realty in a research report on Tuesday, February 13th. They set an "outperform" rating and a $69.00 target price on the stock. Truist Financial lowered their price target on Agree Realty from $70.00 to $68.00 and set a "buy" rating for the company in a research report on Tuesday, February 27th. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $66.00 to $62.00 and set an "overweight" rating on the stock in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $65.61.

Agree Realty Stock Performance

NYSE ADC traded down $0.79 during trading hours on Tuesday, reaching $54.90. 759,662 shares of the company were exchanged, compared to its average volume of 1,063,733. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.52 billion, a P/E ratio of 32.11, a P/E/G ratio of 2.60 and a beta of 0.52. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The business's 50 day simple moving average is $56.77 and its 200-day simple moving average is $58.18.

Agree Realty Increases Dividend

The business also recently declared 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 represents a $3.00 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date is Monday, April 29th. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is 173.10%.

Insider Activity at Agree Realty

In other news, Director John Rakolta, Jr. bought 20,430 shares of the firm's stock in a transaction on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares of the company's stock, valued at approximately $22,375,293. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the purchase, the chairman now owns 135,855 shares of the company's stock, valued at $7,539,952.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. bought 20,430 shares of the company's stock in a transaction on Friday, February 16th. The shares were bought at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the transaction, the director now owns 392,549 shares of the company's stock, valued at $22,375,293. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 42,482 shares of company stock worth $2,397,572. Insiders own 1.60% of the company's stock.

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.