28,200 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System bought a new position in shares of Agree Realty Co. (NYSE:ADC) in the 4th quarter, HoldingsChannel.com reports. The firm bought 28,200 shares of the real estate investment trust’s stock, valued at approximately $1,775,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its stake in Agree Realty by 7,150.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 429 shares during the last quarter. HBC Financial Services PLLC acquired a new position in Agree Realty during the fourth quarter worth approximately $31,000. State of Wyoming increased its position in Agree Realty by 34.8% during the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 172 shares during the period. CWM LLC increased its position in Agree Realty by 117.3% during the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 393 shares during the period. Finally, Coppell Advisory Solutions LLC acquired a new position in Agree Realty during the second quarter worth approximately $48,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Up 1.2 %

NYSE:ADC opened at $55.86 on Friday. The firm has a market cap of $5.62 billion, a P/E ratio of 32.67, a PEG ratio of 2.54 and a beta of 0.52. 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’s 50 day simple moving average is $56.64 and its 200-day simple moving average is $58.16. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be paid a $0.25 dividend. 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.37%. Agree Realty’s payout ratio is 173.10%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Mizuho cut their price target on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. Stifel Nicolaus cut their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. JMP Securities raised 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. StockNews.com lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Finally, Truist Financial dropped their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.61.

Insider Activity at Agree Realty

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the purchase, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The disclosure for this purchase can be found here. Insiders have acquired a total of 42,482 shares of company stock worth $2,397,572 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

About Agree Realty

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.