Park Avenue Securities LLC Acquires 540 Shares of Agree Realty Co. (NYSE:ADC)

Park Avenue Securities LLC grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 9.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,061 shares of the real estate investment trust’s stock after acquiring an additional 540 shares during the period. Park Avenue Securities LLC’s holdings in Agree Realty were worth $346,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after purchasing an additional 462,828 shares during the period. Principal Financial Group Inc. increased its stake in shares of Agree Realty by 12.1% in the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after buying an additional 719,430 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Agree Realty by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock worth $93,253,000 after acquiring an additional 105,461 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Agree Realty by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock worth $88,714,000 after acquiring an additional 61,020 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in Agree Realty by 1.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock valued at $74,127,000 after acquiring an additional 21,254 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 0.5 %

ADC stock opened at $61.94 on Monday. 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 stock’s 50 day simple moving average is $59.96 and its 200 day simple moving average is $59.18. The company has a market cap of $6.23 billion, a P/E ratio of 36.44, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56.

Agree Realty Announces Dividend

The company also recently announced 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of recent analyst reports. Mizuho boosted their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. KeyCorp started coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price on the stock. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, UBS Group assumed coverage on Agree Realty in a research note on Friday, May 31st. They issued a “neutral” rating and a $60.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the acquisition, the director now owns 23,036 shares in the company, valued at approximately $1,358,893.64. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

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.