Inceptionr LLC Invests $888,000 in Agree Realty Co. (NYSE:ADC)

Inceptionr LLC acquired a new stake in Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 14,112 shares of the real estate investment trust's stock, valued at approximately $888,000. Agree Realty accounts for 0.6% of Inceptionr LLC's portfolio, making the stock its 12th largest holding.

Several other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of Agree Realty by 12.1% during the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust's stock valued at $419,289,000 after purchasing an additional 719,430 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Agree Realty by 3.4% in the third quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust's stock worth $760,070,000 after buying an additional 452,798 shares in the last quarter. Jupiter Asset Management Ltd. boosted its position in shares of Agree Realty by 2,442.7% in the third quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust's stock valued at $25,828,000 after acquiring an additional 449,167 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Agree Realty by 314.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 442,969 shares of the real estate investment trust's stock valued at $24,470,000 after acquiring an additional 336,089 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. bought a new stake in Agree Realty during the 4th quarter worth approximately $16,863,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.5 %

Shares of ADC stock traded up $0.28 on Tuesday, hitting $60.35. 676,656 shares of the company's stock traded hands, compared to its average volume of 1,013,412. 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 stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 35.50, a P/E/G ratio of 2.76 and a beta of 0.52. The company's fifty day simple moving average is $57.18 and its 200 day simple moving average is $58.65. Agree Realty Co. has a one year low of $52.69 and a one year high of $69.26.

Agree Realty Increases Dividend

The business 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 dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This is a boost from Agree Realty's previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 4.97%. Agree Realty's dividend payout ratio is currently 176.47%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Monday. JMP Securities upgraded Agree Realty from a "market perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a research note on Monday, January 22nd. Royal Bank of Canada lowered their price target on Agree Realty from $67.00 to $63.00 and set an "outperform" rating on the stock in a report on Thursday, February 15th. Wells Fargo & Company cut their price objective on Agree Realty from $66.00 to $62.00 and set an "overweight" rating for the company in a report on Tuesday, February 20th. Finally, Mizuho lifted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a "neutral" rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $65.83.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares of the company's stock, valued at approximately $7,539,952.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard Agree bought 16,000 shares of the business's stock in a transaction dated Thursday, February 29th. The shares were purchased 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 approximately $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders have purchased a total of 42,482 shares of company stock worth $2,397,572 in the last ninety days. 1.80% of the stock is owned by insiders.

Agree Realty Company 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.

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