Motley Fool Wealth Management LLC Buys 20,619 Shares of Agree Realty Co. (NYSE:ADC)

Motley Fool Wealth Management LLC boosted its stake in Agree Realty Co. (NYSE:ADC) by 126.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,934 shares of the real estate investment trust’s stock after purchasing an additional 20,619 shares during the quarter. Motley Fool Wealth Management LLC’s holdings in Agree Realty were worth $2,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aew Capital Management L P grew its stake in Agree Realty by 22.3% in the fourth quarter. Aew Capital Management L P now owns 463,730 shares of the real estate investment trust’s stock valued at $29,192,000 after acquiring an additional 84,640 shares during the period. Kovack Advisors Inc. grew its stake in Agree Realty by 26.8% in the fourth quarter. Kovack Advisors Inc. now owns 6,549 shares of the real estate investment trust’s stock valued at $412,000 after acquiring an additional 1,383 shares during the period. State of New Jersey Common Pension Fund D grew its stake in Agree Realty by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 444,811 shares of the real estate investment trust’s stock valued at $28,001,000 after acquiring an additional 2,351 shares during the period. Schnieders Capital Management LLC acquired a new position in Agree Realty in the fourth quarter valued at about $898,000. Finally, Yousif Capital Management LLC grew its stake in Agree Realty by 4.7% in the fourth quarter. Yousif Capital Management LLC now owns 46,809 shares of the real estate investment trust’s stock valued at $2,947,000 after acquiring an additional 2,117 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price for the company in a research note on Monday, January 22nd. Truist Financial reduced their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Mizuho reduced their price objective on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Wells Fargo & Company reduced their price objective on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Stock Down 0.5 %

ADC traded down $0.28 on Friday, hitting $57.77. 781,009 shares of the company were exchanged, compared to its average volume of 947,146. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The company has a market cap of $5.81 billion, a PE ratio of 33.97, a PEG ratio of 2.66 and a beta of 0.52. 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’s fifty day moving average is $56.63 and its 200-day moving average is $58.26.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 5.19%. The ex-dividend date is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 174.12%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the purchase, the director now directly owns 392,549 shares of the company’s stock, valued at $22,375,293. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares in the company, valued at $32,112,896.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 20,430 shares of the stock in a transaction dated Friday, February 16th. The shares were purchased at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the purchase, the director now owns 392,549 shares of the company’s stock, valued at approximately $22,375,293. The disclosure for this purchase can be found here. Insiders have acquired 42,482 shares of company stock worth $2,397,572 over the last 90 days. Company insiders own 1.80% of the company’s stock.

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.