M&T Bank Corp Has $2.05 Million Position in Agree Realty Co. (NYSE:ADC)

M&T Bank Corp lessened its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.2% during the 4th quarter, HoldingsChannel reports. The firm owned 32,498 shares of the real estate investment trust’s stock after selling 381 shares during the quarter. M&T Bank Corp’s holdings in Agree Realty were worth $2,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Commonwealth Equity Services LLC acquired a new position in shares of Agree Realty during the 3rd quarter worth about $234,000. Cambridge Investment Research Advisors Inc. boosted its position in shares of Agree Realty by 2.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after acquiring an additional 289 shares during the period. Raymond James & Associates grew its stake in shares of Agree Realty by 3.1% in the third quarter. Raymond James & Associates now owns 274,078 shares of the real estate investment trust’s stock worth $15,140,000 after acquiring an additional 8,236 shares during the last quarter. New York State Teachers Retirement System increased its position in Agree Realty by 0.7% during the third quarter. New York State Teachers Retirement System now owns 110,720 shares of the real estate investment trust’s stock worth $6,116,000 after acquiring an additional 737 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Agree Realty by 50.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,035 shares of the real estate investment trust’s stock valued at $4,863,000 after purchasing an additional 29,614 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In other news, CEO Joey Agree acquired 2,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost 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 $32,112,896.68. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction on Thursday, February 15th. The shares were bought 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 in the company, valued at $32,112,896.68. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Rakolta, Jr. bought 20,430 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were acquired at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the acquisition, the director now directly owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders bought 42,482 shares of company stock valued at $2,397,572 in the last ninety days. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. 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 report on Tuesday, February 27th. Wells Fargo & Company decreased their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. BMO Capital Markets initiated coverage on Agree Realty in a report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price target for the company. Stifel Nicolaus decreased their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Finally, Mizuho cut their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. One equities research 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $59.53 on Friday. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 35.01, a price-to-earnings-growth ratio of 2.70 and a beta of 0.52. The business’s fifty day moving average price is $56.98 and its two-hundred day moving average price is $58.46. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 5.04%. Agree Realty’s dividend payout ratio 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.