Agree Realty Co. (NYSE:ADC) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,660,665 shares of the real estate investment trust's stock after purchasing an additional 719,430 shares during the period. Principal Financial Group Inc. owned approximately 6.63% of Agree Realty worth $419,289,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Applied Capital LLC FL increased 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 in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake 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 worth $722,000 after acquiring an additional 289 shares during the last quarter. Metis Global Partners LLC lifted its position in Agree Realty by 6.3% during the 3rd quarter. Metis Global Partners LLC now owns 5,645 shares of the real estate investment trust's stock worth $312,000 after acquiring an additional 333 shares during the period. Mariner LLC grew its stake in Agree Realty by 3.0% during the 3rd quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust's stock valued at $648,000 after purchasing an additional 340 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. increased its holdings in shares of 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 purchasing an additional 364 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Insider Buying and Selling

In related news, CEO Joey Agree acquired 2,000 shares of the firm's stock in a transaction on Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Richard Agree purchased 16,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred 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 completion of the purchase, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ADC has been the topic of several research reports. Wells Fargo & Company cut their price target 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. Stifel Nicolaus decreased 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 report on Wednesday, February 14th. BMO Capital Markets started coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an "outperform" rating and a $69.00 price target on the stock. Royal Bank of Canada reduced their price objective on Agree Realty from $67.00 to $63.00 and set an "outperform" rating for the company in a research note on Thursday, February 15th. Finally, Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the stock a "neutral" rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $65.83.

Agree Realty Price Performance

ADC stock traded up $0.66 during mid-day trading on Friday, reaching $60.15. 638,696 shares of the company's stock were exchanged, compared to its average volume of 858,940. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. The stock's 50 day moving average is $57.06 and its 200 day moving average is $58.56. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 35.38, a price-to-earnings-growth ratio of 2.76 and a beta of 0.52.

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 paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 4.99%. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is currently 176.47%.

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.