267,873 Shares in Agree Realty Co. (NYSE:ADC) Bought by Mesirow Institutional Investment Management Inc.

Mesirow Institutional Investment Management Inc. bought a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 267,873 shares of the real estate investment trust's stock, valued at approximately $16,863,000. Agree Realty accounts for approximately 1.6% of Mesirow Institutional Investment Management Inc.'s portfolio, making the stock its 8th biggest holding. Mesirow Institutional Investment Management Inc. owned approximately 0.27% of Agree Realty at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Applied Capital LLC FL grew its stake in Agree Realty by 2.4% during the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust's stock valued at $469,000 after purchasing an additional 174 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Agree Realty by 2.3% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust's stock valued at $722,000 after acquiring an additional 289 shares during the last quarter. Metis Global Partners LLC increased its holdings in shares of Agree Realty by 6.3% in the third quarter. Metis Global Partners LLC now owns 5,645 shares of the real estate investment trust's stock valued at $312,000 after purchasing an additional 333 shares during the last quarter. Mariner LLC increased its stake in shares of Agree Realty by 3.0% in the 3rd quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust's stock worth $648,000 after acquiring an additional 340 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. increased its stake in shares of Agree Realty by 96.6% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust's stock worth $47,000 after acquiring an additional 364 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Up 1.1 %

Shares of NYSE:ADC traded up $0.66 during trading on Friday, hitting $60.15. The company's stock had a trading volume of 638,696 shares, compared to its average volume of 858,940. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The business has a 50 day moving average price of $57.06 and a two-hundred day moving average price of $58.53. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $6.05 billion, a PE ratio of 35.38, a P/E/G ratio of 2.73 and a beta of 0.52.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.99%. 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 dividend payout ratio (DPR) is presently 176.47%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada cut 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 report on Thursday, February 15th. Stifel Nicolaus cut their target price 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. Truist Financial reduced their target price on Agree Realty from $70.00 to $68.00 and set a "buy" rating on the stock in a research report on Tuesday, February 27th. JMP Securities raised Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 price objective for the company in a research report on Monday, January 22nd. Finally, BMO Capital Markets initiated coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an "outperform" rating and a $69.00 price objective on the stock. 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.com, Agree Realty has a consensus rating of "Moderate Buy" and a consensus target price of $65.83.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares of the company's stock, valued at $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were acquired 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 owns 557,903 shares in the company, valued at approximately $32,112,896.68. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard Agree bought 16,000 shares of the firm's stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $55.50 per share, with a total value 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 disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is currently owned by corporate insiders.

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.