Lindbrook Capital LLC Acquires 430 Shares of Agree Realty Co. (NYSE:ADC)

Lindbrook Capital LLC boosted its holdings in Agree Realty Co. (NYSE:ADC) by 267.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 591 shares of the real estate investment trust’s stock after purchasing an additional 430 shares during the quarter. Lindbrook Capital LLC’s holdings in Agree Realty were worth $37,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADC. HTLF Bank purchased a new position in shares of Agree Realty in the fourth quarter worth $452,000. Xponance Inc. boosted its holdings in shares of Agree Realty by 6.9% during the 4th quarter. Xponance Inc. now owns 12,053 shares of the real estate investment trust’s stock valued at $759,000 after purchasing an additional 773 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Agree Realty by 1.8% during the fourth 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 buying an additional 21,254 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Agree Realty by 1.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,749 shares of the real estate investment trust’s stock valued at $5,650,000 after buying an additional 1,714 shares in the last quarter. Finally, Strs Ohio increased its stake in Agree Realty by 9.1% in the 4th quarter. Strs Ohio now owns 350,443 shares of the real estate investment trust’s stock worth $22,060,000 after acquiring an additional 29,096 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In related news, Chairman Richard Agree purchased 16,000 shares of Agree Realty 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 purchase, the chairman now directly 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 through this hyperlink. In other news, CEO Joey Agree bought 2,000 shares of the stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost 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 of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now directly owns 135,855 shares in the company, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of recent research reports. Truist Financial cut their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Thursday. BMO Capital Markets began coverage on Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective on the stock. Finally, Wells Fargo & Company lowered their price objective on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Trading Down 0.5 %

ADC opened at $57.75 on Friday. Agree Realty Co. has a one year low of $52.69 and a one year high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of 33.97, a P/E/G ratio of 2.68 and a beta of 0.52. The stock’s 50 day moving average price is $56.63 and its 200-day moving average price is $58.26.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This is a positive change 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 yield of 5.19%. Agree Realty’s dividend payout ratio (DPR) is presently 174.12%.

Agree Realty Company 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.