Zurcher Kantonalbank Zurich Cantonalbank Has $1.95 Million Stake in Agree Realty Co. (NYSE:ADC)

Posted by on Feb 15th, 2023

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 31.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,860 shares of the real estate investment trust’s stock after selling 13,519 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Agree Realty were worth $1,950,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ADC. USA Financial Portformulas Corp acquired a new stake in shares of Agree Realty during the third quarter worth approximately $31,000. Meeder Asset Management Inc. increased its holdings in shares of Agree Realty by 88.1% during the second quarter. Meeder Asset Management Inc. now owns 476 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 223 shares in the last quarter. CWM LLC increased its holdings in shares of Agree Realty by 36.7% in the third quarter. CWM LLC now owns 696 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 187 shares in the last quarter. Huntington National Bank increased its holdings in shares of Agree Realty by 38.7% in the third quarter. Huntington National Bank now owns 709 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 198 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of Agree Realty by 84.3% in the third quarter. IFP Advisors Inc now owns 809 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 370 shares in the last quarter.

Agree Realty Stock Down 1.6 %

Shares of ADC opened at $71.78 on Wednesday. Agree Realty Co. has a 52 week low of $61.62 and a 52 week high of $80.44. The firm has a market cap of $6.36 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 3.03 and a beta of 0.46. The firm’s 50-day simple moving average is $72.50 and its 200 day simple moving average is $71.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.98 and a current ratio of 2.98.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 14th. Investors of record on Tuesday, February 28th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 4.01%. Agree Realty’s dividend payout ratio (DPR) is currently 157.38%.

Analyst Ratings Changes

ADC has been the subject of a number of research reports. Raymond James raised their price target on shares of Agree Realty from $80.00 to $81.00 and gave the company a “strong-buy” rating in a report on Monday, January 9th. JMP Securities reduced their price objective on shares of 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. Mizuho raised their price objective on shares of Agree Realty from $68.00 to $73.00 in a research note on Thursday, December 8th. Morgan Stanley reduced their price objective on shares of 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, Truist Financial reduced their price target on shares of Agree Realty from $84.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, December 2nd. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.50.

Insider Activity at Agree Realty

In related news, Director John Rakolta, Jr. purchased 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 21st. The shares were acquired at an average price of $71.38 per share, for a total transaction of $785,180.00. Following the purchase, the director now owns 268,816 shares in the company, valued at $19,188,086.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Agree Realty news, Director John Rakolta, Jr. acquired 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 of the company’s stock, valued at approximately $19,188,086.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Craig Erlich acquired 4,898 shares of the business’s stock in a transaction on Thursday, December 29th. The stock was acquired 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 directly owns 4,898 shares in the company, valued at $79,592.50. The disclosure for this purchase can be found here. 2.00% of the stock is owned by company insiders.

About Agree Realty

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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.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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