Principal Financial Group Inc. Sells 128,131 Shares of Agree Realty Corporation $ADC

Principal Financial Group Inc. trimmed its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 5.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,375,129 shares of the real estate investment trust’s stock after selling 128,131 shares during the quarter. Principal Financial Group Inc. owned 2.07% of Agree Realty worth $168,730,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADC. Jane Street Group LLC boosted its position in Agree Realty by 268.9% in the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock valued at $2,112,000 after buying an additional 19,948 shares during the period. Farther Finance Advisors LLC raised its stake 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 acquiring an additional 306 shares in the last quarter. KLP Kapitalforvaltning AS boosted its holdings in shares of Agree Realty by 4.1% in the second quarter. KLP Kapitalforvaltning AS now owns 27,700 shares of the real estate investment trust’s stock valued at $2,030,000 after purchasing an additional 1,100 shares during the period. Friedenthal Financial grew its stake in Agree Realty by 2.4% in the second quarter. Friedenthal Financial now owns 11,894 shares of the real estate investment trust’s stock worth $869,000 after purchasing an additional 278 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Agree Realty by 3.0% in the second quarter. Louisiana State Employees Retirement System now owns 30,900 shares of the real estate investment trust’s stock worth $2,258,000 after purchasing an additional 900 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, January 21st. Barclays lifted their price objective on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Stifel Nicolaus set a $83.50 target price on shares of Agree Realty in a report on Tuesday, November 25th. Truist Financial reduced their price target on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, Mizuho lowered their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.23.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $72.18 on Monday. The company has a market capitalization of $8.30 billion, a PE ratio of 42.21, a P/E/G ratio of 2.57 and a beta of 0.54. The company has a 50-day simple moving average of $72.52 and a two-hundred day simple moving average of $72.71. Agree Realty Corporation has a one year low of $68.98 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. Agree Realty’s dividend payout ratio is presently 183.63%.

Insider Transactions at Agree Realty

In other Agree Realty news, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction dated Friday, January 9th. The stock was purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the acquisition, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction that occurred on 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 completion of the purchase, the director owned 562,606 shares in the company, valued at $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 39,500 shares of company stock valued at $2,813,680. Corporate insiders own 1.80% of the company’s stock.

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.