GAMMA Investing LLC Purchases Shares of 741 Agree Realty Co. (NYSE:ADC)

GAMMA Investing LLC acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 741 shares of the real estate investment trust’s stock, valued at approximately $44,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ADC. HBC Financial Services PLLC acquired a new stake in shares of Agree Realty during the 4th quarter worth about $31,000. Lindbrook Capital LLC grew its stake in Agree Realty by 267.1% during the fourth quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 430 shares during the last quarter. CWM LLC increased its holdings in shares of 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 in the last quarter. Jamison Private Wealth Management Inc. raised its stake in shares of Agree Realty by 96.6% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 364 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Agree Realty by 42.0% in the 4th quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 371 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Buying and Selling

In related news, CEO Joey Agree bought 2,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The shares were bought at an average cost 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 in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joey Agree acquired 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders purchased a total of 42,482 shares of company stock valued at $2,397,572 over the last three months. Company insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of ADC stock opened at $58.79 on Friday. The firm’s 50 day moving average price is $56.72 and its two-hundred day moving average price is $58.37. The stock has a market cap of $5.92 billion, a PE ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Analysts Set New Price Targets

ADC has been the subject of several research analyst reports. Mizuho cut their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price on the stock in a research report on Monday, January 22nd. Finally, Stifel Nicolaus decreased their price target on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.61.

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 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.