abrdn plc Cuts Stake in Agree Realty Co. (NYSE:ADC)

abrdn plc lessened its stake in Agree Realty Co. (NYSE:ADC) by 1.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,314 shares of the real estate investment trust’s stock after selling 269 shares during the quarter. abrdn plc’s holdings in Agree Realty were worth $1,153,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty during the 4th quarter worth approximately $31,000. CWM LLC lifted its holdings in shares of Agree Realty by 117.3% in the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 393 shares during the period. Jamison Private Wealth Management Inc. grew its position in shares of Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 364 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Agree Realty by 42.0% during the fourth quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock valued at $79,000 after buying an additional 371 shares during the period. Finally, Private Trust Co. NA raised its holdings in shares of Agree Realty by 150.8% in the fourth quarter. Private Trust Co. NA now owns 1,590 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 956 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $57.72 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The firm’s 50 day simple moving average is $56.65 and its 200-day simple moving average is $58.34. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 33.95, a PEG ratio of 2.65 and a beta of 0.52.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.20%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 174.12%.

Analysts Set New Price Targets

ADC has been the topic of several recent research reports. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price on the stock in a research report on Monday, January 22nd. Royal Bank of Canada decreased their price objective on Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Stifel Nicolaus dropped their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Wells Fargo & Company decreased their price target 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. Finally, Mizuho dropped their price target on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Insider Activity at Agree Realty

In other news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased 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 of the company’s stock, valued at approximately $7,539,952.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Agree Realty news, CEO Joey Agree acquired 3,500 shares of the stock in a transaction dated Wednesday, February 21st. The stock was acquired at an average price of $56.92 per share, with a total value of $199,220.00. Following the completion of the purchase, the chief executive officer now owns 561,403 shares in the company, valued at approximately $31,955,058.76. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction on Thursday, February 29th. The stock was bought 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 $7,539,952.50. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by company insiders.

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.