Credit Suisse AG Grows Stake in Agree Realty Co. (NYSE:ADC)

Credit Suisse AG raised its stake in Agree Realty Co. (NYSE:ADC) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,306 shares of the real estate investment trust’s stock after acquiring an additional 3,768 shares during the quarter. Credit Suisse AG owned approximately 0.17% of Agree Realty worth $10,656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. TCI Wealth Advisors Inc. boosted its stake in Agree Realty by 56.2% in the fourth quarter. TCI Wealth Advisors Inc. now owns 392 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 141 shares during the last quarter. Baird Financial Group Inc. boosted its stake in Agree Realty by 2.6% in the fourth quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock valued at $484,000 after acquiring an additional 171 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in Agree Realty by 3.5% in the first quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock valued at $362,000 after acquiring an additional 183 shares during the last quarter. Signaturefd LLC boosted its stake in Agree Realty by 12.7% in the first quarter. Signaturefd LLC now owns 1,735 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 196 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Agree Realty by 0.4% in the first quarter. Truist Financial Corp now owns 58,271 shares of the real estate investment trust’s stock valued at $3,998,000 after acquiring an additional 235 shares during the last quarter.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research analyst reports. Mizuho dropped their target price on shares of Agree Realty from $70.00 to $67.00 in a research note on Thursday, August 10th. Royal Bank of Canada lowered their price target on shares of Agree Realty from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Thursday, August 3rd. Truist Financial decreased their target price on shares of Agree Realty from $77.00 to $74.00 and set a “buy” rating on the stock in a report on Monday, August 21st. BNP Paribas initiated coverage on shares of Agree Realty in a report on Wednesday, June 14th. They set an “outperform” rating and a $80.00 target price on the stock. Finally, Stifel Nicolaus upped their target price on shares of Agree Realty from $76.00 to $76.50 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.06.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $62.11 on Friday. The company’s fifty day moving average price is $64.78 and its 200-day moving average price is $66.79. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 3.46 and a beta of 0.45. Agree Realty Co. has a one year low of $60.79 and a one year high of $78.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 31st will be issued a $0.243 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date is Wednesday, August 30th. Agree Realty’s payout ratio is 165.34%.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were purchased at an average price of $62.79 per share, with a total value of $627,900.00. Following the acquisition, the chief executive officer now directly owns 539,253 shares of the company’s stock, valued at $33,859,695.87. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was bought at an average price of $62.79 per share, with a total value of $627,900.00. Following the purchase, the chief executive officer now owns 539,253 shares of the company’s stock, valued at $33,859,695.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Craig Erlich acquired 1,500 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was acquired at an average cost of $62.36 per share, with a total value of $93,540.00. Following the purchase, the chief operating officer now directly owns 36,651 shares in the company, valued at approximately $2,285,556.36. The disclosure for this purchase can be found here. Insiders have purchased 53,751 shares of company stock valued at $3,382,660 in the last quarter. Insiders own 1.60% of the company’s stock.

Agree Realty 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 June 30, 2023, the Company owned and operated a portfolio of 2,004 properties, located in 49 states and containing approximately 41.7 million square feet of gross leasable area.