Allspring Global Investments Holdings LLC Has $23.09 Million Stock Position in Agree Realty Corporation $ADC

Allspring Global Investments Holdings LLC reduced its position in shares of Agree Realty Corporation (NYSE:ADC) by 47.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 320,172 shares of the real estate investment trust’s stock after selling 288,858 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.28% of Agree Realty worth $23,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ADC. Westside Investment Management Inc. lifted its holdings in Agree Realty by 100.0% in the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 215 shares during the period. Wiser Advisor Group LLC acquired a new stake in Agree Realty during the 3rd quarter worth $32,000. Cornerstone Planning Group LLC raised its position in shares of Agree Realty by 1,513.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 454 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of 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 valued at $42,000 after purchasing an additional 356 shares during the period. Finally, Financial Life Planners acquired a new position in shares of Agree Realty in the 3rd quarter valued at $46,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Chairman Richard Agree bought 24,000 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Peter Coughenour purchased 500 shares of the business’s stock in a transaction on Friday, January 9th. The stock was purchased at an average price of $69.80 per share, with a total value of $34,900.00. Following the purchase, the chief financial officer owned 18,544 shares of the company’s stock, valued at approximately $1,294,371.20. The trade was a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 24,646 shares of company stock worth $1,742,031. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on ADC shares. Royal Bank Of Canada lifted their price objective on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Wall Street Zen upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday. Mizuho boosted their target price on Agree Realty from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 11th. Raymond James Financial upped their price target on Agree Realty from $84.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, UBS Group increased their price target on shares of Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.21.

Agree Realty Trading Up 0.0%

NYSE ADC opened at $76.63 on Friday. Agree Realty Corporation has a 52 week low of $68.98 and a 52 week high of $82.08. The stock’s 50 day moving average price is $77.07 and its two-hundred day moving average price is $74.18. The stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 43.30, a PEG ratio of 2.58 and a beta of 0.53. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.81 and a current ratio of 0.81.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 4.1%. Agree Realty’s payout ratio is 177.40%.

About Agree Realty

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.