Pacer Advisors Inc. Increases Stake in Agree Realty Co. (NYSE:ADC)

Pacer Advisors Inc. grew its stake in shares of Agree Realty Co. (NYSE:ADCFree Report) by 148.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,096 shares of the real estate investment trust’s stock after purchasing an additional 12,000 shares during the quarter. Pacer Advisors Inc.’s holdings in Agree Realty were worth $1,265,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ADC. Vanguard Group Inc. raised its holdings in Agree Realty by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock valued at $760,070,000 after buying an additional 452,798 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Agree Realty by 0.4% during the third quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust’s stock worth $328,190,000 after purchasing an additional 25,723 shares during the period. State Street Corp boosted its holdings in shares of Agree Realty by 4.8% during the third quarter. State Street Corp now owns 4,751,897 shares of the real estate investment trust’s stock worth $322,195,000 after purchasing an additional 217,810 shares during the period. Centersquare Investment Management LLC grew its stake in shares of Agree Realty by 6.1% in the first 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 last quarter. Finally, Morgan Stanley increased its holdings in Agree Realty by 75.2% during the 4th quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust’s stock valued at $177,806,000 after purchasing an additional 1,075,648 shares during the period. Institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Richard Agree bought 10,500 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was acquired at an average cost of $62.57 per share, with a total value of $656,985.00. Following the completion of the acquisition, the chairman now owns 119,855 shares of the company’s stock, valued at $7,499,327.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Agree Realty news, CEO Joey Agree purchased 3,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average price of $56.92 per share, for a total transaction of $199,220.00. Following the completion of the purchase, the chief executive officer now directly owns 561,403 shares of the company’s stock, valued at $31,955,058.76. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard Agree acquired 10,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The shares were acquired at an average cost of $62.57 per share, for a total transaction of $656,985.00. Following the completion of the transaction, the chairman now directly owns 119,855 shares of the company’s stock, valued at $7,499,327.35. The disclosure for this purchase can be found here. Insiders have bought a total of 52,982 shares of company stock worth $3,054,557 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

Agree Realty Stock Down 0.1 %

Shares of NYSE:ADC opened at $57.07 on Tuesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a fifty day simple moving average of $57.38 and a two-hundred day simple moving average of $58.23. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. The stock has a market capitalization of $5.74 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.64 and a beta of 0.52.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, March 28th will be given a $0.247 dividend. This represents a $2.96 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend is Wednesday, March 27th. Agree Realty’s dividend payout ratio is presently 173.10%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada cut their price objective on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Wells Fargo & Company dropped their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. Finally, Mizuho decreased their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $65.61.

Get Our Latest Analysis on Agree Realty

Agree Realty Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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