Meiji Yasuda Asset Management Co Ltd. Acquires 1,422 Shares of Agree Realty Co. (NYSE:ADC)

Meiji Yasuda Asset Management Co Ltd. grew its position in Agree Realty Co. (NYSE:ADC – Get Rating) by 6.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,254 shares of the real estate investment trust’s stock after purchasing an additional 1,422 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Agree Realty were worth $1,504,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADC. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Agree Realty by 28.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,093 shares of the real estate investment trust’s stock valued at $603,000 after purchasing an additional 2,014 shares during the last quarter. HighTower Advisors LLC increased 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 buying an additional 598 shares during the last quarter. PNC Financial Services Group Inc. increased 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 buying an additional 2,082 shares during the last quarter. Bank of Montreal Can increased its holdings in Agree Realty by 10.4% during the first quarter. Bank of Montreal Can now owns 27,686 shares of the real estate investment trust’s stock worth $1,826,000 after buying an additional 2,597 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Agree Realty by 57.0% during the first quarter. MetLife Investment Management LLC now owns 36,972 shares of the real estate investment trust’s stock worth $2,453,000 after buying an additional 13,423 shares during the last quarter.

Insider Activity

In other news, Director John Rakolta, Jr. acquired 11,000 shares of the business’s stock in a transaction dated Wednesday, December 21st. The stock was bought at an average cost of $71.38 per share, for a total transaction of $785,180.00. Following the completion of 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Craig Erlich bought 4,898 shares of the company’s stock in a transaction on Thursday, December 29th. The stock was acquired at an average cost of $16.25 per share, for a total transaction of $79,592.50. Following the completion of the transaction, the chief operating officer now directly owns 4,898 shares in the company, valued at approximately $79,592.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Rakolta, Jr. bought 11,000 shares of the company’s stock in a transaction on Wednesday, December 21st. The shares were bought at an average price of $71.38 per share, with a total value of $785,180.00. Following the completion of the transaction, the director now owns 268,816 shares of the company’s stock, valued at $19,188,086.08. The disclosure for this purchase can be found here. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research analyst reports. Raymond James raised their price objective on shares of Agree Realty from $80.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Monday, January 9th. Mizuho decreased their price objective on shares of Agree Realty from $78.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, March 9th. Stifel Nicolaus lifted their target price on shares of Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. Finally, Truist Financial reduced their target price on shares of Agree Realty from $84.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, December 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $78.23.

Agree Realty Price Performance

ADC stock opened at $68.57 on Wednesday. The firm has a 50 day moving average of $72.58 and a 200-day moving average of $70.81. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.44. Agree Realty Co. has a 12 month low of $62.75 and a 12 month high of $80.44. The firm has a market capitalization of $6.18 billion, a P/E ratio of 37.47, a price-to-earnings-growth ratio of 2.78 and a beta of 0.46.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Tuesday, March 14th. Stockholders of record on Tuesday, February 28th were given a $0.24 dividend. The ex-dividend date was Monday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 4.20%. Agree Realty’s dividend payout ratio (DPR) is currently 157.38%.

Agree Realty Company Profile

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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.