Van ECK Associates Corp Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Van ECK Associates Corp grew its position in shares of Agree Realty Co. (NYSE:ADC) by 18.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 31,487 shares of the real estate investment trust’s stock after buying an additional 4,960 shares during the period. Van ECK Associates Corp’s holdings in Agree Realty were worth $1,982,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in ADC. Envestnet Asset Management Inc. boosted its position in Agree Realty by 59.2% during the third quarter. Envestnet Asset Management Inc. now owns 231,730 shares of the real estate investment trust’s stock worth $12,801,000 after purchasing an additional 86,181 shares in the last quarter. Impax Asset Management Group plc purchased a new position in Agree Realty during the fourth quarter worth about $7,554,000. Daiwa Securities Group Inc. boosted its stake in Agree Realty by 1.8% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after buying an additional 21,254 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Agree Realty by 14.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 225,129 shares of the real estate investment trust’s stock valued at $14,289,000 after acquiring an additional 28,438 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Agree Realty during the 4th quarter worth about $232,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of $55.50 per share, with a total value of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the 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 transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of 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. In the last quarter, insiders bought 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ADC shares. Wells Fargo & Company lowered their target price on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Tuesday, February 20th. BMO Capital Markets initiated coverage on shares of Agree Realty in a report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 target price on the stock. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target for the company in a report on Monday, January 22nd. Mizuho reduced their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. Finally, StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Down 1.4 %

ADC stock opened at $58.37 on Thursday. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $5.87 billion, a P/E ratio of 34.34, a PEG ratio of 2.70 and a beta of 0.52. The firm has a 50 day simple moving average of $56.89 and a 200-day simple moving average of $58.46.

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 dividend of $0.25 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.14%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

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.