Intrust Bank NA Raises Stake in Agree Realty Co. (NYSE:ADC)

Intrust Bank NA grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 42.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,428 shares of the real estate investment trust’s stock after acquiring an additional 2,530 shares during the quarter. Intrust Bank NA’s holdings in Agree Realty were worth $531,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ADC. HBC Financial Services PLLC purchased a new position in shares of Agree Realty in the fourth quarter worth about $31,000. Lindbrook Capital LLC boosted its position in Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 430 shares during the period. CWM LLC grew its holdings in 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 acquiring an additional 393 shares during the last quarter. Jamison Private Wealth Management Inc. grew its stake in shares of Agree Realty by 96.6% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 364 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in Agree Realty in the fourth quarter worth $44,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 1.0 %

Shares of ADC opened at $57.20 on Wednesday. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The stock has a market capitalization of $5.76 billion, a PE ratio of 33.65, a P/E/G ratio of 2.65 and a beta of 0.52. The company’s fifty day moving average is $56.67 and its 200 day moving average is $58.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty Increases Dividend

The business also recently disclosed 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 is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 dividend on an annualized basis and a yield of 5.24%. Agree Realty’s dividend payout ratio is 174.12%.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree acquired 16,000 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of Agree Realty 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 completion of the acquisition, the chairman now owns 135,855 shares in the company, valued at approximately $7,539,952.50. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joey Agree bought 3,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were acquired at an average price of $56.92 per share, with a total value of $199,220.00. Following the completion of the transaction, the chief executive officer now owns 561,403 shares of the company’s stock, valued at approximately $31,955,058.76. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on ADC shares. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. BMO Capital Markets initiated coverage on Agree Realty in a report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price objective for the company. Mizuho lowered their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price for the company in a research report on Monday, January 22nd. Finally, Truist Financial decreased their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

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.