Vestmark Advisory Solutions Inc. Purchases New Stake in Agree Realty Co. (NYSE:ADC)

Vestmark Advisory Solutions Inc. acquired a new position in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,265 shares of the real estate investment trust’s stock, valued at approximately $206,000.

Other large investors also recently made changes to their positions in the company. Commonwealth Equity Services LLC purchased a new stake in Agree Realty in the 3rd quarter worth approximately $234,000. Cambridge Investment Research Advisors Inc. boosted its position in Agree Realty by 2.3% during 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 purchasing an additional 289 shares during the last quarter. Raymond James & Associates grew its stake in 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 valued at $15,140,000 after purchasing an additional 8,236 shares in the last quarter. New York State Teachers Retirement System increased its position in Agree Realty by 0.7% in the 3rd 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 purchasing an additional 737 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 worth $4,863,000 after purchasing an additional 29,614 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADC shares. Truist Financial dropped their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. BMO Capital Markets began coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price objective for the company. JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price on the stock in a research report on Monday, January 22nd. Finally, Stifel Nicolaus reduced their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research report on Wednesday, February 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $59.21 on Wednesday. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company has a market cap of $5.96 billion, a P/E ratio of 34.83, a P/E/G ratio of 2.70 and a beta of 0.52. The business’s 50 day moving average is $56.83 and its two-hundred day moving average is $58.46.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.07%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 176.47%.

Insider Activity at Agree Realty

In related news, CEO Joey Agree acquired 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Richard Agree bought 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the transaction, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Insiders purchased a total of 42,482 shares of company stock worth $2,397,572 in the last ninety days. 1.80% of the stock is currently owned by insiders.

Agree Realty 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.