Agree Realty Corporation $ADC Shares Bought by Strs Ohio

Strs Ohio raised its stake in shares of Agree Realty Corporation (NYSE:ADC) by 79.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,492 shares of the real estate investment trust’s stock after purchasing an additional 85,935 shares during the quarter. Strs Ohio owned about 0.17% of Agree Realty worth $13,817,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in shares of Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 306 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 356 shares during the last quarter. Versant Capital Management Inc lifted its position in Agree Realty by 47.6% during the 3rd quarter. Versant Capital Management Inc now owns 775 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 250 shares during the period. Allworth Financial LP grew its stake in Agree Realty by 41.7% during the 2nd quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 262 shares during the last quarter. Finally, MAI Capital Management grew its stake in Agree Realty by 122.3% during the 2nd quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock valued at $66,000 after purchasing an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ADC shares. Truist Financial reduced their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Evercore ISI cut their price target on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Royal Bank Of Canada decreased their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research note on Tuesday, January 6th. Wall Street Zen raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Monday, January 19th. Finally, Mizuho reduced their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Price Performance

NYSE:ADC opened at $72.48 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50 day moving average price of $72.69 and a 200-day moving average price of $72.69. Agree Realty Corporation has a 1-year low of $68.98 and a 1-year high of $79.65. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 42.38, a price-to-earnings-growth ratio of 2.58 and a beta of 0.55.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be issued a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, January 30th. Agree Realty’s dividend payout ratio (DPR) is presently 183.63%.

Insider Activity

In other Agree Realty news, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This represents a 2.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Rakolta, Jr. bought 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 39,500 shares of company stock worth $2,813,680 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.