Agree Realty Co. (NYSE:ADC) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. lowered its position in Agree Realty Co. (NYSE:ADC) by 5.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,397 shares of the real estate investment trust’s stock after selling 289 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Agree Realty were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Gilman Hill Asset Management LLC increased its stake in shares of Agree Realty by 47.2% during the first quarter. Gilman Hill Asset Management LLC now owns 7,848 shares of the real estate investment trust’s stock valued at $448,000 after acquiring an additional 2,515 shares during the period. Park Avenue Securities LLC increased its stake in shares of Agree Realty by 9.8% during the first quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock valued at $346,000 after acquiring an additional 540 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Agree Realty by 15.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after acquiring an additional 1,338 shares during the period. Vanguard Group Inc. increased its stake in shares of Agree Realty by 3.4% during 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 acquiring an additional 462,828 shares during the period. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Agree Realty during the fourth quarter valued at approximately $63,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Buying and Selling

In related news, Director Greg Lehmkuhl bought 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was bought at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the transaction, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 0.1 %

Agree Realty stock opened at $61.90 on Friday. The company has a 50 day moving average price of $60.29 and a 200 day moving average price of $59.22. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26. 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 firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 36.41, a P/E/G ratio of 2.44 and a beta of 0.58.

Agree Realty Announces Dividend

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

Analyst Ratings Changes

ADC has been the subject of a number of research reports. KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Mizuho raised their target price 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. Finally, 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 target price for the company. Five investment 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.50.

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.