Applied Capital LLC FL Increases Stock Position in Agree Realty Co. (NYSE:ADC)

Applied Capital LLC FL grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 22.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,134 shares of the real estate investment trust’s stock after acquiring an additional 1,677 shares during the quarter. Applied Capital LLC FL’s holdings in Agree Realty were worth $522,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Agree Realty in the fourth quarter worth approximately $71,409,000. Principal Financial Group Inc. grew its holdings in shares of Agree Realty by 12.1% in the fourth 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 in the last quarter. Vanguard Group Inc. increased its position in Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after purchasing an additional 462,828 shares during the last quarter. Land & Buildings Investment Management LLC purchased a new stake in Agree Realty during the fourth quarter valued at $25,475,000. Finally, Mesirow Institutional Investment Management Inc. purchased a new position in shares of Agree Realty in the 4th quarter worth $16,863,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of analyst reports. Mizuho increased their price target on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. UBS Group initiated coverage on shares of Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 price target for the company. Finally, KeyCorp initiated coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the acquisition, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Trading Up 0.3 %

Shares of Agree Realty stock traded up $0.19 on Tuesday, hitting $61.86. 280,541 shares of the company traded hands, compared to its average volume of 936,784. The company has a market cap of $6.22 billion, a PE ratio of 36.39, a PEG ratio of 2.44 and a beta of 0.58. The stock’s 50 day moving average price is $60.05 and its 200-day moving average price is $59.18. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s payout ratio is 176.47%.

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.