Truist Financial Corp Sells 4,596 Shares of Agree Realty Co. (NYSE:ADC)

Truist Financial Corp cut its stake in Agree Realty Co. (NYSE:ADC) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,631 shares of the real estate investment trust’s stock after selling 4,596 shares during the period. Truist Financial Corp owned approximately 0.05% of Agree Realty worth $3,439,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. HBC Financial Services PLLC acquired a new stake in Agree Realty during the fourth quarter worth $31,000. Lindbrook Capital LLC lifted its holdings in shares of Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 430 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Agree Realty during the 4th quarter valued at about $44,000. Jamison Private Wealth Management Inc. increased its stake in Agree Realty by 96.6% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 364 shares during the period. Finally, Blue Trust Inc. raised its position in Agree Realty by 42.0% in the fourth quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 371 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADC has been the topic of several analyst reports. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research note on Monday, January 22nd. Royal Bank of Canada lowered their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Truist Financial cut their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. BMO Capital Markets initiated coverage on shares of Agree Realty in a report on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 target price on the stock. Finally, StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.61.

Agree Realty Trading Down 0.0 %

Shares of NYSE ADC opened at $58.77 on Tuesday. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $69.26. The company has a 50-day moving average of $56.77 and a two-hundred day moving average of $58.43. The company has a market cap of $5.91 billion, a PE ratio of 34.57, a P/E/G ratio of 2.70 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 5.10%. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Agree Realty news, CEO Joey Agree bought 2,000 shares of Agree Realty stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John Rakolta, Jr. purchased 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the completion of the purchase, the director now owns 392,549 shares of the company’s stock, valued at $22,375,293. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 42,482 shares of company stock worth $2,397,572. Insiders own 1.80% of the company’s stock.

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.