Agree Realty Co. (NYSE:ADC) Shares Sold by Bahl & Gaynor Inc.

Bahl & Gaynor Inc. cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.1% in the 4th quarter, Holdings Channel reports. The firm owned 345,863 shares of the real estate investment trust’s stock after selling 3,682 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Agree Realty were worth $21,772,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in ADC. National Bank of Canada FI bought a new position in shares of Agree Realty during the third quarter valued at approximately $824,000. CWM LLC grew its holdings in shares of Agree Realty by 117.3% during the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 393 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Agree Realty by 136.1% during the third quarter. SG Americas Securities LLC now owns 23,713 shares of the real estate investment trust’s stock valued at $1,310,000 after purchasing an additional 13,671 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Agree Realty by 3.5% during the third quarter. State of Alaska Department of Revenue now owns 55,422 shares of the real estate investment trust’s stock valued at $3,061,000 after purchasing an additional 1,860 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in shares of Agree Realty during the third quarter valued at approximately $1,183,000. 97.83% of the stock is owned by institutional investors.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree purchased 2,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joey Agree acquired 2,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BMO Capital Markets initiated coverage on Agree Realty in a report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 target price for the company. 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. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a report on Monday, January 22nd. Stifel Nicolaus decreased their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a report on Wednesday, February 14th. Finally, Mizuho decreased their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Price Performance

NYSE ADC traded down $0.30 on Friday, reaching $57.75. 780,912 shares of the stock traded hands, compared to its average volume of 1,059,648. The firm’s fifty day simple moving average is $56.62 and its 200 day simple moving average is $58.25. The company has a quick ratio of 0.74, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The company 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. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.25 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date of this dividend is Monday, April 29th. 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.