Agree Realty Co. (NYSE:ADC) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 15.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,905 shares of the real estate investment trust’s stock after acquiring an additional 1,338 shares during the period. PNC Financial Services Group Inc.’s holdings in Agree Realty were worth $624,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. Applied Capital LLC FL grew its holdings in shares of Agree Realty by 2.4% during the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock worth $469,000 after buying an additional 174 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 298 shares in the last quarter. Securian Asset Management Inc. grew its holdings in shares of Agree Realty by 4.0% during the fourth quarter. Securian Asset Management Inc. now owns 8,483 shares of the real estate investment trust’s stock worth $534,000 after buying an additional 330 shares in the last quarter. Mariner LLC grew its holdings in shares of Agree Realty by 3.0% during the third quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust’s stock worth $648,000 after buying an additional 340 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. grew its holdings in shares of Agree Realty by 96.6% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 364 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 0.4 %

NYSE ADC opened at $61.07 on Thursday. The company’s fifty day simple moving average is $59.74 and its 200-day simple moving average is $59.17. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The stock has a market cap of $6.15 billion, a P/E ratio of 35.92, a PEG ratio of 2.40 and a beta of 0.56.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.91%. Agree Realty’s payout ratio is currently 176.47%.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl bought 1,000 shares of Agree Realty stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the transaction, the director now owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of recent research reports. KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target for the company. Mizuho boosted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, May 10th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, UBS Group initiated coverage on shares of Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 target price for the company. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

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.