Blue Chip Partners LLC Reduces Stake in Agree Realty Co. (NYSE:ADC)

Blue Chip Partners LLC trimmed its stake in Agree Realty Co. (NYSE:ADC) by 12.9% during the fourth quarter, Holdings Channel reports. The fund owned 38,959 shares of the real estate investment trust’s stock after selling 5,769 shares during the period. Blue Chip Partners LLC’s holdings in Agree Realty were worth $2,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $31,000. Lindbrook Capital LLC lifted 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 buying an additional 430 shares in the last quarter. CWM LLC lifted its stake in shares of Agree Realty by 117.3% during the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 393 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its stake in shares of Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 364 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in Agree Realty during the 4th quarter worth approximately $44,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Agree Realty

In related news, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the completion of the transaction, the chairman now owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joey Agree purchased 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders have bought 42,482 shares of company stock valued at $2,397,572 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADC has been the topic of a number of analyst reports. Stifel Nicolaus decreased their target price on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Truist Financial reduced their target price on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target for the company in a research report on Monday, January 22nd. Finally, Mizuho dropped their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.61.

Agree Realty Trading Up 0.4 %

Shares of NYSE ADC opened at $58.00 on Monday. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a market cap of $5.84 billion, a P/E ratio of 33.98, a price-to-earnings-growth ratio of 2.65 and a beta of 0.52. The firm has a 50-day moving average of $56.63 and a 200 day moving average of $58.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 5.17%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 174.12%.

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.