Gilman Hill Asset Management LLC Buys 2,515 Shares of Agree Realty Co. (NYSE:ADC)

Gilman Hill Asset Management LLC grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 47.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,848 shares of the real estate investment trust’s stock after acquiring an additional 2,515 shares during the period. Gilman Hill Asset Management LLC’s holdings in Agree Realty were worth $448,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ADC. Park Avenue Securities LLC raised its position in Agree Realty by 9.8% during the 1st quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock valued at $346,000 after purchasing an additional 540 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Agree Realty by 15.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after acquiring an additional 1,338 shares in the last quarter. Vanguard Group Inc. lifted its stake in Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after acquiring an additional 462,828 shares during the period. ICA Group Wealth Management LLC bought a new position in Agree Realty during the 4th quarter worth about $63,000. Finally, Wellington Management Group LLP purchased a new position in Agree Realty during the 4th quarter valued at about $4,285,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

ADC has been the topic of a number of recent research reports. KeyCorp began coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective on the stock. UBS Group started 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. Truist Financial decreased their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, Mizuho increased their price target on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is currently owned by insiders.

Agree Realty Price Performance

Shares of NYSE ADC opened at $60.83 on Wednesday. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The firm has a market cap of $6.12 billion, a P/E ratio of 35.78, a P/E/G ratio of 2.42 and a beta of 0.56. The business’s 50 day moving average price is $59.62 and its 200 day moving average price is $59.15.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $3.00 annualized dividend and a dividend yield of 4.93%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Agree Realty Company 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.