Signaturefd LLC Acquires 3,507 Shares of Agree Realty Co. (NYSE:ADC)

Signaturefd LLC increased its holdings in Agree Realty Co. (NYSE:ADC) by 90.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,364 shares of the real estate investment trust’s stock after acquiring an additional 3,507 shares during the quarter. Signaturefd LLC’s holdings in Agree Realty were worth $464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Agree Realty by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after acquiring an additional 452,798 shares in the last quarter. Principal Financial Group Inc. increased its stake in Agree Realty by 0.4% during the 3rd quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust’s stock valued at $328,190,000 after purchasing an additional 25,723 shares in the last quarter. Invesco Ltd. increased its stake in Agree Realty by 11.1% during the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Agree Realty by 6.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,375,914 shares of the real estate investment trust’s stock valued at $76,005,000 after purchasing an additional 81,290 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock valued at $74,127,000 after purchasing an additional 21,254 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $58.36 on Thursday. The firm’s 50-day moving average price is $56.60 and its 200-day moving average price is $58.25. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.48. The company has a market cap of $5.87 billion, a PE ratio of 34.13, a PEG ratio of 2.63 and a beta of 0.52. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $69.26.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.14%. Agree Realty’s dividend payout ratio (DPR) is presently 173.10%.

Insider Buying and Selling

In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. purchased 20,430 shares of the stock in a transaction on Friday, February 16th. The shares were purchased at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the acquisition, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

ADC has been the subject of a number of analyst reports. BMO Capital Markets initiated coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. Mizuho reduced their price objective on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. Royal Bank of Canada reduced their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Finally, JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

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.