Mutual of America Capital Management LLC Sells 2,179 Shares of Agree Realty Co. (NYSE:ADC)

Mutual of America Capital Management LLC cut its stake in Agree Realty Co. (NYSE:ADC) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,776 shares of the real estate investment trust’s stock after selling 2,179 shares during the period. Mutual of America Capital Management LLC owned 0.06% of Agree Realty worth $3,414,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Applied Capital LLC FL boosted its holdings in shares of Agree Realty by 2.4% during the 4th 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 in the last quarter. State of Alaska Department of Revenue raised its position in shares of Agree Realty by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock worth $3,317,000 after purchasing an additional 297 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 4.4% during the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after purchasing an additional 297 shares during the period. Parallel Advisors LLC raised its position in shares of Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Agree Realty by 7.7% during the first quarter. Fifth Third Bancorp now owns 4,290 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 305 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought 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 of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

NYSE:ADC opened at $63.76 on Friday. The stock has a market cap of $6.42 billion, a P/E ratio of 37.51, a PEG ratio of 2.44 and a beta of 0.58. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The business’s 50-day moving average price is $60.76 and its two-hundred day moving average price is $59.23.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a yield of 4.71%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADC shares. Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. KeyCorp began coverage on Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. Finally, UBS Group began coverage on Agree Realty in a research report on Friday, May 31st. They issued a “neutral” rating and a $60.00 price target for the company. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Agree Realty presently 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.