Uniplan Investment Counsel Inc. Sells 1,413 Shares of Agree Realty Co. (NYSE:ADC)

Uniplan Investment Counsel Inc. cut its holdings in Agree Realty Co. (NYSE:ADC) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,922 shares of the real estate investment trust’s stock after selling 1,413 shares during the period. Agree Realty comprises approximately 1.0% of Uniplan Investment Counsel Inc.’s portfolio, making the stock its 27th biggest holding. Uniplan Investment Counsel Inc. owned about 0.23% of Agree Realty worth $14,814,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Agree Realty by 7,150.0% in the fourth 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. Parallel Advisors LLC grew its holdings in shares of Agree Realty by 133.2% in the first quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 289 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $71,000. ICA Group Wealth Management LLC bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $71,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $91,000. 97.83% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Peter Coughenour purchased 500 shares of the stock in a transaction on Tuesday, August 15th. The shares were acquired at an average price of $61.79 per share, for a total transaction of $30,895.00. Following the completion of the transaction, the chief financial officer now directly owns 6,543 shares of the company’s stock, valued at approximately $404,291.97. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Peter Coughenour purchased 500 shares of the stock in a transaction on Tuesday, August 15th. The shares were acquired at an average price of $61.79 per share, for a total transaction of $30,895.00. Following the completion of the transaction, the chief financial officer now directly owns 6,543 shares of the company’s stock, valued at approximately $404,291.97. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard Agree purchased 11,751 shares of the stock in a transaction on Wednesday, August 2nd. The shares were purchased at an average price of $62.95 per share, for a total transaction of $739,725.45. Following the transaction, the chairman now directly owns 100,230 shares of the company’s stock, valued at $6,309,478.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 53,751 shares of company stock worth $3,382,660. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADC shares. Mizuho reduced their price objective on Agree Realty from $70.00 to $67.00 in a report on Thursday, August 10th. Royal Bank of Canada reduced their price objective on Agree Realty from $75.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, August 3rd. Stifel Nicolaus increased their price objective on Agree Realty from $76.00 to $76.50 and gave the company a “buy” rating in a report on Wednesday, August 2nd. BNP Paribas started coverage on Agree Realty in a report on Wednesday, June 14th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Truist Financial reduced their price objective on Agree Realty from $77.00 to $74.00 and set a “buy” rating for the company in a report on Monday, August 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.06.

Agree Realty Price Performance

Shares of ADC stock traded up $0.04 on Monday, reaching $60.40. The company’s stock had a trading volume of 29,184 shares, compared to its average volume of 949,052. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.45. Agree Realty Co. has a 12-month low of $59.91 and a 12-month high of $76.10. The company has a market capitalization of $5.81 billion, a P/E ratio of 34.30, a PEG ratio of 3.38 and a beta of 0.45. The stock’s 50 day simple moving average is $63.95 and its 200-day simple moving average is $65.88.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 31st will be given a $0.243 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.83%. Agree Realty’s dividend payout ratio (DPR) is presently 165.91%.

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 June 30, 2023, the Company owned and operated a portfolio of 2,004 properties, located in 49 states and containing approximately 41.7 million square feet of gross leasable area.