Daiwa Securities Group Inc. Increases Position in Agree Realty Co. (NYSE:ADC)

Daiwa Securities Group Inc. boosted its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,177,543 shares of the real estate investment trust's stock after buying an additional 21,254 shares during the quarter. Daiwa Securities Group Inc. owned approximately 1.17% of Agree Realty worth $74,127,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. HBC Financial Services PLLC acquired a new stake in Agree Realty in the fourth quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. boosted its stake in Agree Realty by 7,150.0% in 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 acquiring an additional 429 shares in the last quarter. CWM LLC boosted its stake in Agree Realty by 117.3% in the third quarter. CWM LLC now owns 728 shares of the real estate investment trust's stock valued at $40,000 after acquiring an additional 393 shares in the last quarter. State of Wyoming boosted its stake in Agree Realty by 34.8% in the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust's stock valued at $44,000 after acquiring an additional 172 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its stake in Agree Realty by 96.6% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 364 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

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

Agree Realty Stock Performance

NYSE ADC traded up $0.29 on Wednesday, reaching $55.19. 979,146 shares of the company's stock traded hands, compared to its average volume of 1,062,871. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 32.27, a P/E/G ratio of 2.58 and a beta of 0.52. The stock has a 50 day moving average price of $56.64 and a 200-day moving average price of $58.16. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This is an increase from Agree Realty's previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.44%. Agree Realty's payout ratio is currently 173.10%.

Analyst Ratings Changes

Several equities research analysts have weighed in on ADC shares. Stifel Nicolaus lowered their target price on shares of Agree Realty from $70.00 to $69.50 and set a "buy" rating for the company in a research note on Wednesday, February 14th. BMO Capital Markets assumed coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an "outperform" rating and a $69.00 price objective for the company. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, February 15th. JMP Securities upgraded shares of Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. Finally, Truist Financial lowered their price objective on shares of Agree Realty from $70.00 to $68.00 and set a "buy" rating for the company in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $65.61.

About Agree Realty

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.