HTLF Bank Acquires New Position in Agree Realty Co. (NYSE:ADC)

HTLF Bank bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,187 shares of the real estate investment trust’s stock, valued at approximately $452,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ADC. Northwestern Mutual Wealth Management Co. increased its holdings in Agree Realty by 7,150.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares in the last quarter. HBC Financial Services PLLC acquired a new stake in shares of Agree Realty in the fourth quarter valued at approximately $31,000. State of Wyoming increased its stake in shares of Agree Realty by 34.8% during the 2nd quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 172 shares in the last quarter. CWM LLC raised its position in shares of Agree Realty by 117.3% during the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 393 shares during the last quarter. Finally, Coppell Advisory Solutions LLC acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $48,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the transaction, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Joey Agree purchased 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 42,482 shares of company stock valued at $2,397,572. 1.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target for the company. StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Royal Bank of Canada reduced their target price on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. 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 note on Tuesday, February 27th. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Trading Up 1.3 %

Shares of ADC stock opened at $56.55 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $5.69 billion, a P/E ratio of 33.07, a PEG ratio of 2.58 and a beta of 0.52. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $69.26. The firm’s 50-day simple moving average is $56.58 and its 200-day simple moving average is $58.16.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.31%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio is presently 173.10%.

About Agree Realty

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.