Agree Realty Co. (NYSE:ADC – Get Free Report)’s share price fell 2.2% during trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $70.00 to $69.50. Stifel Nicolaus currently has a buy rating on the stock. Agree Realty traded as low as $56.05 and last traded at $56.05. 127,093 shares were traded during mid-day trading, a decline of 87% from the average session volume of 980,735 shares. The stock had previously closed at $57.31.
Several other research analysts also recently commented on ADC. Royal Bank of Canada boosted their target price on Agree Realty from $66.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. 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 report on Monday, January 22nd. Truist Financial lifted their price target on Agree Realty from $62.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Mizuho raised their price objective on shares of Agree Realty from $61.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, January 26th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $67.72.
Insider Activity at Agree Realty
In other Agree Realty news, Director John Rakolta, Jr. bought 13,000 shares of Agree Realty stock in a transaction on Wednesday, December 20th. The shares were purchased at an average cost of $62.44 per share, for a total transaction of $811,720.00. Following the completion of the acquisition, the director now owns 381,165 shares in the company, valued at approximately $23,799,942.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Chairman Richard Agree purchased 10,500 shares of the company’s stock in a transaction on Wednesday, January 10th. The shares were purchased at an average price of $62.57 per share, with a total value of $656,985.00. Following the purchase, the chairman now directly owns 119,855 shares of the company’s stock, valued at approximately $7,499,327.35. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John Rakolta, Jr. acquired 13,000 shares of Agree Realty stock in a transaction dated Wednesday, December 20th. The shares were purchased at an average cost of $62.44 per share, with a total value of $811,720.00. Following the completion of the transaction, the director now directly owns 381,165 shares of the company’s stock, valued at $23,799,942.60. The disclosure for this purchase can be found here. Insiders bought a total of 26,550 shares of company stock worth $1,651,629 in the last quarter. Corporate insiders own 1.60% of the company’s stock.
Institutional Investors Weigh In On Agree Realty
Hedge funds and other institutional investors have recently bought and sold shares of the company. Scout Investments Inc. grew its stake in shares of Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after acquiring an additional 214,840 shares in the last quarter. Cibc World Markets Corp acquired a new position in Agree Realty during the fourth quarter worth $2,113,000. Tower Research Capital LLC TRC grew its position in Agree Realty by 293.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,397 shares of the real estate investment trust’s stock valued at $1,347,000 after purchasing an additional 15,963 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Agree Realty by 8.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 98,097 shares of the real estate investment trust’s stock valued at $6,175,000 after buying an additional 7,750 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC lifted its position in Agree Realty by 40.3% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 43,386 shares of the real estate investment trust’s stock worth $2,731,000 after buying an additional 12,455 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.
Agree Realty Stock Performance
The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 33.51, a P/E/G ratio of 2.25 and a beta of 0.54. The stock’s 50 day moving average price is $61.07 and its 200 day moving average price is $59.55. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.44.
Agree Realty Announces Dividend
The business also recently declared a monthly dividend, which will be paid on Thursday, March 14th. Shareholders of record on Thursday, February 29th will be given a dividend of $0.247 per share. This represents a $2.96 annualized dividend and a dividend yield of 5.32%. The ex-dividend date is Wednesday, February 28th. Agree Realty’s dividend payout ratio (DPR) is 173.10%.
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 September 30, 2023, the Company owned and operated a portfolio of 2,084 properties, located in 49 states and containing approximately 43.2 million square feet of gross leasable area.