Van ECK Associates Corp Acquires 4,960 Shares of Agree Realty Co. (NYSE:ADC)

Van ECK Associates Corp raised its holdings in shares of Agree Realty Co. (NYSE:ADC) by 18.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,487 shares of the real estate investment trust’s stock after acquiring an additional 4,960 shares during the quarter. Van ECK Associates Corp’s holdings in Agree Realty were worth $1,982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of 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 valued at $760,070,000 after acquiring an additional 452,798 shares during the period. Jupiter Asset Management Ltd. increased its holdings in shares of Agree Realty by 2,442.7% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock worth $25,828,000 after buying an additional 449,167 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Agree Realty by 314.5% during 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 period. Invesco Ltd. lifted its stake in shares of Agree Realty by 11.1% in the 3rd 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 boosted its stake in Agree Realty by 394.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 248,593 shares of the real estate investment trust’s stock worth $13,732,000 after buying an additional 198,266 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $58.37 on Thursday. The company has a market capitalization of $5.87 billion, a PE ratio of 34.34, a P/E/G ratio of 2.70 and a beta of 0.52. The company has a 50-day simple moving average of $56.89 and a two-hundred day simple moving average of $58.46. Agree Realty Co. has a one year low of $52.69 and a one year 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.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.14%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Royal Bank of Canada decreased their price objective 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. Truist Financial decreased their price target 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. 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 report on Monday, January 22nd. Stifel Nicolaus cut their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Finally, BMO Capital Markets initiated coverage on shares of Agree Realty in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $69.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Insider Transactions at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 2,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Agree Realty news, CEO Joey Agree purchased 2,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the purchase, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard Agree purchased 16,000 shares of the firm’s stock in a transaction on 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 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 three months, insiders have acquired 42,482 shares of company stock valued at $2,397,572. Corporate insiders own 1.80% of the company’s stock.

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.