The Manufacturers Life Insurance Company decreased its holdings in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 0.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,824 shares of the real estate investment trust's stock after selling 168 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Agree Realty were worth $1,948,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 3.3% during the first quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust's stock valued at $760,276,000 after buying an additional 361,722 shares in the last quarter. Principal Financial Group Inc. grew its stake in Agree Realty by 3.2% in the second quarter. Principal Financial Group Inc. now owns 6,189,587 shares of the real estate investment trust's stock valued at $446,456,000 after purchasing an additional 189,822 shares in the last quarter. State Street Corp grew its stake in Agree Realty by 5.1% in the second quarter. State Street Corp now owns 4,534,087 shares of the real estate investment trust's stock valued at $328,063,000 after purchasing an additional 220,694 shares in the last quarter. Centersquare Investment Management LLC grew its stake in Agree Realty by 6.1% in the first quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust's stock valued at $252,757,000 after purchasing an additional 218,492 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Agree Realty by 45.6% in the second quarter. Deutsche Bank AG now owns 3,128,353 shares of the real estate investment trust's stock valued at $225,649,000 after purchasing an additional 979,274 shares in the last quarter.
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Agree Realty Price Performance
NYSE ADC opened at $74.07 on Friday. Agree Realty Co. has a twelve month low of $61.62 and a twelve month high of $80.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.98 and a current ratio of 2.98. The stock has a market capitalization of $6.56 billion, a PE ratio of 40.48, a P/E/G ratio of 3.10 and a beta of 0.46. The stock has a 50-day simple moving average of $72.09 and a 200 day simple moving average of $72.07.
Agree Realty Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, February 14th. Investors of record on Tuesday, January 31st will be given a dividend of $0.24 per share. The ex-dividend date is Monday, January 30th. This represents a $2.88 annualized dividend and a dividend yield of 3.89%. Agree Realty's dividend payout ratio is presently 157.38%.
Analyst Upgrades and Downgrades
A number of research analysts have commented on ADC shares. JMP Securities lowered their target price on Agree Realty from $82.00 to $75.00 and set a "market outperform" rating on the stock in a research note on Tuesday, October 18th. StockNews.com started coverage on Agree Realty in a research note on Wednesday, October 12th. They issued a "sell" rating on the stock. Truist Financial lowered their target price on Agree Realty from $84.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, December 2nd. Morgan Stanley lowered their target price on Agree Realty from $77.00 to $73.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 2nd. Finally, Raymond James upped their price target on Agree Realty from $80.00 to $81.00 and gave the stock a "strong-buy" rating in a research note on Monday, January 9th. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $78.50.
Insider Buying and Selling
In other Agree Realty news, Director John Rakolta, Jr. acquired 11,000 shares of the business's stock in a transaction that occurred on Wednesday, December 21st. The stock was acquired at an average price of $71.38 per share, with a total value of $785,180.00. Following the transaction, the director now owns 268,816 shares of the company's stock, valued at $19,188,086.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director John Rakolta, Jr. purchased 11,000 shares of the business's stock in a transaction on Wednesday, December 21st. The stock was purchased at an average price of $71.38 per share, with a total value of $785,180.00. Following the acquisition, the director now directly owns 268,816 shares in the company, valued at approximately $19,188,086.08. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Craig Erlich purchased 4,898 shares of the business's stock in a transaction on Thursday, December 29th. The stock was purchased at an average cost of $16.25 per share, with a total value of $79,592.50. Following the acquisition, the chief operating officer now owns 4,898 shares in the company, valued at $79,592.50. The disclosure for this purchase can be found here. 2.20% of the stock is owned by insiders.
Agree Realty Company Profile
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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
Further Reading
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