Tributary Capital Management LLC Increases Stock Holdings in Agree Realty Co. (NYSE:ADC)

Tributary Capital Management LLC boosted its position in Agree Realty Co. (NYSE:ADC) by 39.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 258,022 shares of the real estate investment trust’s stock after purchasing an additional 72,504 shares during the period. Tributary Capital Management LLC’s holdings in Agree Realty were worth $14,738,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ADC. Applied Capital LLC FL raised its stake in shares of Agree Realty by 2.4% in the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock worth $469,000 after buying an additional 174 shares during the period. Parallel Advisors LLC raised its stake in Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 298 shares during the period. Securian Asset Management Inc. raised its stake in Agree Realty by 4.0% during the 4th quarter. Securian Asset Management Inc. now owns 8,483 shares of the real estate investment trust’s stock valued at $534,000 after purchasing an additional 330 shares during the period. Mariner LLC raised its stake in Agree Realty by 3.0% during the 3rd quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust’s stock valued at $648,000 after purchasing an additional 340 shares during the period. Finally, Jamison Private Wealth Management Inc. raised its stake in Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 364 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction dated 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 acquisition, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $61.86 on Tuesday. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 36.27, a price-to-earnings-growth ratio of 2.44 and a beta of 0.58. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a 50 day moving average price of $60.05 and a 200-day moving average price of $59.18. Agree Realty Co. has a one year low of $52.69 and a one year high of $69.26.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, July 15th. Stockholders 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 4.85%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADC shares. Mizuho lifted their target price on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. KeyCorp started coverage on Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, UBS Group started coverage on Agree Realty in a research note on Friday, May 31st. They set a “neutral” rating and a $60.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

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.