State of Alaska Department of Revenue Grows Stock Position in Agree Realty Co. (NYSE:ADC)

State of Alaska Department of Revenue lifted its stake in Agree Realty Co. (NYSE:ADCFree Report) by 4.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,804 shares of the real estate investment trust’s stock after purchasing an additional 2,382 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of Agree Realty worth $3,637,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADC. Ensign Peak Advisors Inc boosted its holdings in Agree Realty by 0.7% in the first quarter. Ensign Peak Advisors Inc now owns 23,042 shares of the real estate investment trust’s stock valued at $1,581,000 after purchasing an additional 150 shares during the period. Baird Financial Group Inc. increased its position in shares of Agree Realty by 2.6% during the fourth quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock worth $484,000 after purchasing an additional 171 shares in the last quarter. State of Wyoming increased its position in shares of Agree Realty by 34.8% during the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 172 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Agree Realty by 3.5% during the first quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock worth $362,000 after purchasing an additional 183 shares in the last quarter. Finally, First National Bank of Omaha increased its position in shares of Agree Realty by 0.7% during the second quarter. First National Bank of Omaha now owns 28,520 shares of the real estate investment trust’s stock worth $1,865,000 after purchasing an additional 204 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $56.86 on Wednesday. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The stock’s 50 day moving average price is $57.31 and its 200 day moving average price is $58.21. The firm has a market cap of $5.72 billion, a P/E ratio of 33.25, a PEG ratio of 2.64 and a beta of 0.52.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, March 28th will be paid a $0.247 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date is Wednesday, March 27th. Agree Realty’s payout ratio is currently 173.10%.

Insider Activity at Agree Realty

In related news, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, with a total value of $888,000.00. Following the purchase, the chairman now owns 135,855 shares in the company, valued at $7,539,952.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Joey Agree acquired 3,500 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was acquired at an average cost of $56.92 per share, for a total transaction of $199,220.00. Following the acquisition, the chief executive officer now directly 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 at this hyperlink. Also, Chairman Richard Agree acquired 16,000 shares of the business’s 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 completion of the transaction, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 52,982 shares of company stock valued at $3,054,557. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on ADC shares. Truist Financial dropped their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Royal Bank of Canada dropped their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.61.

View Our Latest Report on Agree Realty

About Agree Realty

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

Receive News & Ratings for Agree Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Agree Realty and related companies with MarketBeat.com's FREE daily email newsletter.