68,071 Shares in Agree Realty Co. (NYSE:ADC) Purchased by Wellington Management Group LLP

Wellington Management Group LLP purchased a new stake in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 68,071 shares of the real estate investment trust’s stock, valued at approximately $4,285,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. HBC Financial Services PLLC purchased a new stake in Agree Realty in the fourth quarter worth $31,000. Lindbrook Capital LLC boosted its stake 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 valued at $37,000 after purchasing an additional 430 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Agree Realty during the fourth quarter valued at about $44,000. Jamison Private Wealth Management Inc. raised 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 worth $47,000 after buying an additional 364 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Agree Realty by 35.9% in 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 during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ADC shares. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. UBS Group initiated coverage on Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 price objective 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. Finally, KeyCorp began coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of the stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the acquisition, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Up 0.9 %

Shares of Agree Realty stock opened at $61.94 on Friday. The company has a 50-day simple moving average of $59.96 and a two-hundred day simple moving average of $59.20. The stock has a market capitalization of $6.23 billion, a PE ratio of 36.44, a price-to-earnings-growth ratio of 2.43 and a beta of 0.56. Agree Realty Co. has a 52-week low of $52.69 and a 52-week 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 Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 4.84%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

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.