Covestor Ltd Buys 704 Shares of Agree Realty Co. (NYSE:ADC)

Covestor Ltd grew its stake in Agree Realty Co. (NYSE:ADC) by 24.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,582 shares of the real estate investment trust’s stock after acquiring an additional 704 shares during the period. Covestor Ltd’s holdings in Agree Realty were worth $205,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Nicola Wealth Management LTD. grew its holdings in Agree Realty by 5.9% during the first quarter. Nicola Wealth Management LTD. now owns 16,100 shares of the real estate investment trust’s stock worth $920,000 after purchasing an additional 900 shares during the period. Ontario Teachers Pension Plan Board bought a new position in Agree Realty during the first quarter worth about $828,000. Vanguard Group Inc. grew its holdings in Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after purchasing an additional 258,217 shares during the period. Twin Tree Management LP bought a new position in Agree Realty during the first quarter worth about $134,000. Finally, Orion Portfolio Solutions LLC grew its holdings in Agree Realty by 12.3% during the first quarter. Orion Portfolio Solutions LLC now owns 28,132 shares of the real estate investment trust’s stock worth $1,607,000 after purchasing an additional 3,082 shares during the period. Institutional investors own 97.83% of the company’s stock.

Insider Activity

In other news, Director Greg Lehmkuhl acquired 1,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the transaction, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Mizuho lifted their price target on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. KeyCorp initiated coverage on Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target for the company. Finally, StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Agree Realty Price Performance

Shares of NYSE ADC traded up $0.40 during midday trading on Tuesday, reaching $66.71. The company’s stock had a trading volume of 209,301 shares, compared to its average volume of 919,016. 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 Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The business’s 50 day moving average price is $61.70 and its two-hundred day moving average price is $59.33. The company has a market cap of $6.71 billion, a P/E ratio of 39.01, a P/E/G ratio of 2.63 and a beta of 0.58.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.50%. Agree Realty’s payout ratio is 176.47%.

Agree Realty 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.