Amalgamated Bank Increases Position in Agree Realty Co. (NYSE:ADC)

Amalgamated Bank increased its holdings in Agree Realty Co. (NYSE:ADC) by 3.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,915 shares of the real estate investment trust’s stock after purchasing an additional 2,146 shares during the quarter. Amalgamated Bank’s holdings in Agree Realty were worth $3,898,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADC. Vanguard Group Inc. raised its stake in shares of 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 worth $760,070,000 after buying an additional 452,798 shares during the period. Jupiter Asset Management Ltd. increased its holdings in Agree Realty by 2,442.7% in 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 acquiring an additional 449,167 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Agree Realty by 314.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 442,969 shares of the real estate investment trust’s stock worth $24,470,000 after acquiring an additional 336,089 shares during the period. Invesco Ltd. lifted its holdings in Agree Realty by 11.1% during the third quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its position in shares of Agree Realty by 394.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 248,593 shares of the real estate investment trust’s stock valued at $13,732,000 after purchasing an additional 198,266 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 1.4 %

Shares of ADC opened at $58.37 on Thursday. The stock has a fifty day simple moving average of $56.89 and a two-hundred day simple moving average of $58.46. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $5.87 billion, a PE ratio of 34.34, a price-to-earnings-growth ratio of 2.70 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.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 5.14%. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insiders Place Their Bets

In other news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost 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 in the company, valued at $32,112,896.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard Agree bought 16,000 shares of the stock in a transaction on 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 purchase, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The disclosure for this purchase can be found here. Insiders have bought 42,482 shares of company stock valued at $2,397,572 over the last ninety days. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Truist Financial reduced their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. JMP Securities upgraded 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. Stifel Nicolaus lowered their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. BMO Capital Markets began coverage on Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price objective for the company. Finally, StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average price target of $65.61.

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.