Pictet Asset Management SA Has $2.03 Million Stake in Agree Realty Co. (NYSE:ADC)

Posted by Defense World Staff on Feb 27th, 2023

Pictet Asset Management SA boosted its stake in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,088 shares of the real estate investment trust’s stock after acquiring an additional 477 shares during the quarter. Pictet Asset Management SA’s holdings in Agree Realty were worth $2,033,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADC. Deutsche Bank AG increased its position in shares of Agree Realty by 45.6% during the 2nd quarter. Deutsche Bank AG now owns 3,128,353 shares of the real estate investment trust’s stock worth $225,649,000 after purchasing an additional 979,274 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Agree Realty by 858.4% in the second quarter. Prudential Financial Inc. now owns 838,097 shares of the real estate investment trust’s stock valued at $61,341,000 after acquiring an additional 750,647 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Agree Realty by 184.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 926,315 shares of the real estate investment trust’s stock worth $66,815,000 after acquiring an additional 601,073 shares in the last quarter. State Street Corp grew its position in Agree Realty by 11.7% during the 1st quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust’s stock worth $287,195,000 after acquiring an additional 451,462 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Agree Realty by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust’s stock valued at $760,276,000 after purchasing an additional 361,722 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADC shares. Raymond James boosted their price objective on Agree Realty from $80.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 9th. Morgan Stanley decreased their price objective on shares of Agree Realty from $77.00 to $73.00 and set an “overweight” rating on the stock in a report on Wednesday, November 2nd. Truist Financial reduced their target price 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. Stifel Nicolaus increased their price target on shares of Agree Realty from $76.75 to $77.50 in a research note on Wednesday, February 15th. Finally, Mizuho boosted their price objective on shares of Agree Realty from $68.00 to $73.00 in a research report on Thursday, December 8th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.23.

Agree Realty Stock Down 2.0 %

NYSE:ADC opened at $71.84 on Monday. The stock’s fifty day simple moving average is $72.85 and its 200-day simple moving average is $71.63. The firm has a market capitalization of $6.48 billion, a P/E ratio of 39.26, a P/E/G ratio of 2.99 and a beta of 0.46. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.44. Agree Realty Co. has a 12-month low of $62.63 and a 12-month high of $80.44.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 14th. Stockholders of record on Tuesday, February 28th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, February 27th. This represents a $2.88 annualized dividend and a dividend yield of 4.01%. Agree Realty’s payout ratio is currently 157.38%.

Insider Activity

In other news, COO Craig Erlich acquired 4,898 shares of Agree Realty stock in a transaction that occurred on Thursday, December 29th. The shares were acquired at an average price of $16.25 per share, with a total value of $79,592.50. Following the purchase, the chief operating officer now directly owns 4,898 shares of the company’s stock, valued at $79,592.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John Rakolta, Jr. bought 11,000 shares of the company’s stock in a transaction on Wednesday, December 21st. The shares were purchased at an average cost of $71.38 per share, for a total transaction of $785,180.00. Following the acquisition, the director now owns 268,816 shares of the company’s stock, valued at approximately $19,188,086.08. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, COO Craig Erlich purchased 4,898 shares of the business’s stock in a transaction on Thursday, December 29th. The stock was bought at an average cost of $16.25 per share, for a total transaction of $79,592.50. Following the purchase, the chief operating officer now owns 4,898 shares of the company’s stock, valued at approximately $79,592.50. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by company insiders.

Agree Realty Company Profile

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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.