Agree Realty Co. (NYSE:ADC) Shares Sold by abrdn plc

abrdn plc lowered its position in Agree Realty Co. (NYSE:ADC – Get Rating) by 11.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,549 shares of the real estate investment trust’s stock after selling 2,025 shares during the quarter. abrdn plc’s holdings in Agree Realty were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Credit Suisse AG increased its stake in shares of Agree Realty by 3.6% in the third quarter. Credit Suisse AG now owns 126,269 shares of the real estate investment trust’s stock valued at $8,533,000 after purchasing an additional 4,333 shares during the period. Cincinnati Insurance Co. boosted its holdings in Agree Realty by 43.2% during the third quarter. Cincinnati Insurance Co. now owns 222,000 shares of the real estate investment trust’s stock worth $15,003,000 after buying an additional 67,000 shares in the last quarter. BlackRock Inc. boosted its holdings in Agree Realty by 6.9% during the third quarter. BlackRock Inc. now owns 15,348,857 shares of the real estate investment trust’s stock worth $1,037,276,000 after buying an additional 992,766 shares in the last quarter. Strs Ohio boosted its holdings in Agree Realty by 138.0% during the fourth quarter. Strs Ohio now owns 269,593 shares of the real estate investment trust’s stock worth $19,122,000 after buying an additional 156,342 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Agree Realty by 17.7% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 45,788 shares of the real estate investment trust’s stock worth $3,232,000 after buying an additional 6,877 shares in the last quarter.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. bought 10,495 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average cost of $67.85 per share, for a total transaction of $712,085.75. Following the transaction, the director now directly owns 281,768 shares in the company, valued at $19,117,958.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Joey Agree bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were bought at an average price of $65.35 per share, for a total transaction of $326,750.00. Following the transaction, the chief executive officer now directly owns 524,253 shares of the company’s stock, valued at $34,259,933.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 10,495 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were bought at an average price of $67.85 per share, for a total transaction of $712,085.75. Following the transaction, the director now directly owns 281,768 shares in the company, valued at $19,117,958.80. The disclosure for this purchase can be found here. Insiders have bought a total of 29,495 shares of company stock valued at $1,967,261 in the last ninety days. 1.60% of the stock is currently owned by company insiders.

Agree Realty Stock Down 0.0 %

Shares of ADC stock opened at $65.30 on Thursday. The firm has a fifty day moving average of $66.93 and a 200-day moving average of $69.94. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.44. Agree Realty Co. has a 12-month low of $63.34 and a 12-month high of $80.44. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 36.48, a P/E/G ratio of 3.17 and a beta of 0.46.

Agree Realty (NYSE:ADC – Get Rating) last released its earnings results on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.52). The business had revenue of $126.62 million during the quarter, compared to the consensus estimate of $124.55 million. Agree Realty had a net margin of 34.48% and a return on equity of 4.04%. During the same period last year, the business posted $0.97 EPS. As a group, equities research analysts predict that Agree Realty Co. will post 3.94 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Wednesday, May 31st will be issued a $0.243 dividend. This represents a $2.92 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Tuesday, May 30th. Agree Realty’s dividend payout ratio is currently 163.13%.

Analysts Set New Price Targets

ADC has been the topic of several research analyst reports. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $76.75 to $77.50 in a research report on Wednesday, February 15th. Mizuho reduced their price objective on shares of Agree Realty from $78.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, March 9th. StockNews.com initiated coverage on shares of Agree Realty in a research report on Thursday, May 18th. They set a “sell” rating for the company. Finally, JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $78.23.

About Agree Realty

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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.