Applied Capital LLC FL Raises Stake in Agree Realty Co. (NYSE:ADC)

Applied Capital LLC FL boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 22.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 9,134 shares of the real estate investment trust’s stock after purchasing an additional 1,677 shares during the period. Applied Capital LLC FL’s holdings in Agree Realty were worth $522,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ADC. HighTower Advisors LLC lifted its stake in shares of Agree Realty by 9.7% in the third quarter. HighTower Advisors LLC now owns 9,837 shares of the real estate investment trust’s stock valued at $542,000 after purchasing an additional 873 shares during the period. Mariner LLC grew its holdings in shares of Agree Realty by 3.0% during the third quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust’s stock worth $648,000 after buying an additional 340 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Agree Realty by 3.3% during the third quarter. Northern Trust Corp now owns 949,030 shares of the real estate investment trust’s stock worth $52,424,000 after buying an additional 30,108 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Agree Realty by 3.8% during the third quarter. Treasurer of the State of North Carolina now owns 40,360 shares of the real estate investment trust’s stock worth $2,229,000 after buying an additional 1,480 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Agree Realty by 4.4% during the third quarter. Toronto Dominion Bank now owns 10,543 shares of the real estate investment trust’s stock worth $582,000 after buying an additional 445 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 0.3 %

ADC traded up $0.19 during trading on Tuesday, hitting $61.86. The company had a trading volume of 280,541 shares, compared to its average volume of 936,784. The company has a market cap of $6.22 billion, a PE ratio of 36.39, a P/E/G ratio of 2.44 and a beta of 0.58. The business has a 50-day moving average of $60.05 and a 200-day moving average of $59.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $69.26.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 4.85%. Agree Realty’s dividend payout ratio is presently 176.47%.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of recent research reports. UBS Group initiated coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price target for the company. Mizuho lifted their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. KeyCorp began coverage on shares of 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 shares of 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 given a buy rating to the stock. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $65.50.

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.