Wolverine Asset Management LLC Makes New $232,000 Investment in Agree Realty Co. (NYSE:ADC)

Wolverine Asset Management LLC bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 3,681 shares of the real estate investment trust’s stock, valued at approximately $232,000.

Several other hedge funds have also recently bought and sold shares of ADC. Vanguard Group Inc. raised its holdings in Agree Realty by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after buying an additional 452,798 shares during the period. Jupiter Asset Management Ltd. raised its holdings in shares of Agree Realty by 2,442.7% in the third quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock valued at $25,828,000 after purchasing an additional 449,167 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Agree Realty by 314.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 442,969 shares of the real estate investment trust’s stock valued at $24,470,000 after purchasing an additional 336,089 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Agree Realty by 11.1% in the third quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Agree Realty by 394.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 248,593 shares of the real estate investment trust’s stock valued at $13,732,000 after purchasing an additional 198,266 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ADC shares. JMP Securities upgraded shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a report on Monday, January 22nd. Stifel Nicolaus decreased their target price on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Truist Financial decreased their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. BMO Capital Markets started coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price for the company. Finally, Royal Bank of Canada decreased their target price on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Down 0.5 %

ADC opened at $57.77 on Friday. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.74 and a current ratio of 0.71. The company has a market capitalization of $5.81 billion, a P/E ratio of 33.98, a P/E/G ratio of 2.66 and a beta of 0.52. The stock has a fifty day moving average of $56.63 and a 200-day moving average of $58.29.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.19%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is currently 174.12%.

Insider Transactions at Agree Realty

In related news, Chairman Richard Agree purchased 16,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John Rakolta, Jr. bought 20,430 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the acquisition, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Richard Agree bought 16,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 42,482 shares of company stock valued at $2,397,572. 1.80% of the stock is currently owned by corporate 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.