Wipfli Financial Advisors LLC Makes New $61,000 Investment in Agree Realty Co. (NYSE:ADC)

Wipfli Financial Advisors LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADCGet Rating) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 898 shares of the real estate investment trust’s stock, valued at approximately $61,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. Cambridge Investment Research Advisors Inc. raised its holdings in Agree Realty by 28.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,093 shares of the real estate investment trust’s stock worth $603,000 after purchasing an additional 2,014 shares in the last quarter. HighTower Advisors LLC raised its holdings in Agree Realty by 8.3% during the first quarter. HighTower Advisors LLC now owns 7,836 shares of the real estate investment trust’s stock worth $519,000 after purchasing an additional 598 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Agree Realty by 15.9% during the first quarter. PNC Financial Services Group Inc. now owns 15,185 shares of the real estate investment trust’s stock worth $1,009,000 after purchasing an additional 2,082 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Agree Realty by 10.4% in the 1st quarter. Bank of Montreal Can now owns 27,686 shares of the real estate investment trust’s stock valued at $1,826,000 after acquiring an additional 2,597 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Agree Realty by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 36,972 shares of the real estate investment trust’s stock valued at $2,453,000 after acquiring an additional 13,423 shares during the period.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. bought 11,000 shares of the firm’s stock in a transaction on Wednesday, December 21st. The shares were bought at an average cost of $71.38 per share, for a total transaction of $785,180.00. Following the transaction, the director now owns 268,816 shares of the company’s stock, valued at $19,188,086.08. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Agree Realty news, COO Craig Erlich acquired 4,898 shares of the firm’s stock in a transaction that occurred on Thursday, December 29th. The shares were acquired at an average cost of $16.25 per share, for a total transaction of $79,592.50. Following the transaction, the chief operating officer now directly owns 4,898 shares of the company’s stock, valued at $79,592.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. acquired 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 21st. The stock was acquired at an average price of $71.38 per share, for a total transaction of $785,180.00. Following the completion of the transaction, the director now directly owns 268,816 shares in the company, valued at $19,188,086.08. The disclosure for this purchase can be found here. Insiders own 2.20% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.82 on Friday. The firm has a market capitalization of $6.63 billion, a P/E ratio of 40.89, a PEG ratio of 3.13 and a beta of 0.43. Agree Realty Co. has a one year low of $61.62 and a one year high of $80.44. The company’s fifty day moving average is $70.68 and its two-hundred day moving average is $71.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.98 and a current ratio of 2.98.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, February 14th. Shareholders of record on Tuesday, January 31st will be given a dividend of $0.24 per share. The ex-dividend date is Monday, January 30th. This represents a $2.88 annualized dividend and a dividend yield of 3.85%. Agree Realty’s payout ratio is currently 157.38%.

Analyst Ratings Changes

A number of brokerages have recently commented on ADC. Morgan Stanley cut their target price on shares of Agree Realty from $77.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, November 2nd. Truist Financial cut their target price on shares of Agree Realty from $84.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, December 2nd. Mizuho lifted their target price on shares of Agree Realty from $68.00 to $73.00 in a report on Thursday, December 8th. JMP Securities cut their target price on shares of Agree Realty from $82.00 to $75.00 and set a “market outperform” rating on the stock in a report on Tuesday, October 18th. Finally, StockNews.com assumed coverage on shares of Agree Realty in a research report on Wednesday, October 12th. They issued a “sell” rating on the stock. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.50.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

See Also

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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