Agree Realty Co. (NYSE:ADC) Shares Purchased by Royal Bank of Canada

Royal Bank of Canada grew its holdings in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 14.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,681 shares of the real estate investment trust’s stock after purchasing an additional 11,023 shares during the period. Royal Bank of Canada owned approximately 0.10% of Agree Realty worth $5,925,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Agree Realty by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust’s stock worth $760,276,000 after purchasing an additional 361,722 shares during the period. State Street Corp increased its position in Agree Realty by 5.1% during the 2nd quarter. State Street Corp now owns 4,534,087 shares of the real estate investment trust’s stock worth $328,063,000 after purchasing an additional 220,694 shares during the period. Centersquare Investment Management LLC increased its position in Agree Realty by 6.1% during the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock worth $252,757,000 after purchasing an additional 218,492 shares during the period. Deutsche Bank AG increased its position in Agree Realty by 45.6% during the 2nd quarter. Deutsche Bank AG now owns 3,128,353 shares of the real estate investment trust’s stock worth $225,649,000 after purchasing an additional 979,274 shares during the period. Finally, Northern Trust Corp increased its position in Agree Realty by 36.4% during the 2nd quarter. Northern Trust Corp now owns 1,174,810 shares of the real estate investment trust’s stock worth $84,740,000 after purchasing an additional 313,645 shares during the period.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $66.78 on Monday. The business’s fifty day moving average price is $72.67 and its two-hundred day moving average price is $70.94. The stock has a market cap of $6.02 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 2.78 and a beta of 0.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.88 and a current ratio of 0.88. Agree Realty Co. has a one year low of $62.63 and a one year high of $80.44.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 14th. Shareholders of record on Tuesday, February 28th will be issued a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Monday, February 27th. Agree Realty’s dividend payout ratio (DPR) is presently 157.38%.

Analyst Ratings Changes

ADC has been the topic of several research analyst reports. Raymond James boosted their price target on Agree Realty from $80.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 9th. Truist Financial decreased their price target on Agree Realty from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, December 2nd. Mizuho decreased their price target on Agree Realty from $78.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Stifel Nicolaus boosted their price target on Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.23.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. purchased 11,000 shares of Agree Realty stock in a transaction on Wednesday, December 21st. The shares were bought at an average price of $71.38 per share, with a total value of $785,180.00. Following the purchase, the director now directly owns 268,816 shares in the company, valued at approximately $19,188,086.08. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Agree Realty news, COO Craig Erlich purchased 4,898 shares of Agree Realty stock in a transaction on Thursday, December 29th. The shares were bought at an average price of $16.25 per share, with a total value of $79,592.50. Following the purchase, the chief operating officer now directly owns 4,898 shares in the company, valued at approximately $79,592.50. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John Rakolta, Jr. purchased 11,000 shares of Agree Realty stock in a transaction on Wednesday, December 21st. The shares were acquired at an average cost of $71.38 per share, for a total transaction of $785,180.00. Following the purchase, the director now owns 268,816 shares in the company, valued at $19,188,086.08. The disclosure for this purchase can be found here. Corporate insiders own 2.20% of the company’s stock.

Agree Realty Profile

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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.