Agree Realty Co. (NYSE:ADC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in shares of Agree Realty Co. (NYSE:ADC) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 61,955 shares of the real estate investment trust’s stock after selling 513 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Agree Realty were worth $3,900,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Morgan Stanley boosted its position in shares of Agree Realty by 75.2% in the 4th quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust’s stock worth $177,806,000 after buying an additional 1,075,648 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Agree Realty by 6.7% in the third quarter. Vanguard Group Inc. now owns 12,644,530 shares of the real estate investment trust’s stock valued at $854,518,000 after purchasing an additional 797,668 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Agree Realty by 184.8% in the second quarter. Goldman Sachs Group Inc. now owns 926,315 shares of the real estate investment trust’s stock valued at $66,815,000 after purchasing an additional 601,073 shares in the last quarter. State Street Corp grew its position in shares of Agree Realty by 11.7% in the first quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust’s stock valued at $287,195,000 after purchasing an additional 451,462 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its stake in shares of Agree Realty by 2,442.7% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock worth $25,828,000 after purchasing an additional 449,167 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Down 1.4 %

Shares of NYSE ADC opened at $54.90 on Wednesday. The stock has a market capitalization of $5.52 billion, a PE ratio of 32.11, a P/E/G ratio of 2.60 and a beta of 0.52. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $56.77 and a 200-day moving average of $58.18. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $69.26.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 5.46%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 173.10%.

Insiders Place Their Bets

In other news, CEO Joey Agree bought 2,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders bought 42,482 shares of company stock worth $2,397,572 over the last three months. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADC. Wells Fargo & Company reduced their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research note on Monday, January 22nd. Royal Bank of Canada cut their target price on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Truist Financial decreased their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. Finally, Stifel Nicolaus cut their price objective on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Company 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 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.