Pictet Asset Management SA Reduces Stock Position in Agree Realty Co. (NYSE:ADC)

Posted by Defense World Staff on Aug 26th, 2023

Pictet Asset Management SA lowered its holdings in shares of Agree Realty Co. (NYSE:ADC – Free Report) by 31.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,671 shares of the real estate investment trust’s stock after selling 11,766 shares during the quarter. Pictet Asset Management SA’s holdings in Agree Realty were worth $1,761,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. TCI Wealth Advisors Inc. boosted its holdings in Agree Realty by 56.2% during the 4th quarter. TCI Wealth Advisors Inc. now owns 392 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Baird Financial Group Inc. raised its position in Agree Realty by 2.6% during the 4th quarter. Baird Financial Group Inc. now owns 6,812 shares of the real estate investment trust’s stock valued at $484,000 after purchasing an additional 171 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in Agree Realty by 3.5% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,457 shares of the real estate investment trust’s stock valued at $362,000 after purchasing an additional 183 shares in the last quarter. Signaturefd LLC raised its position in Agree Realty by 12.7% during the 1st quarter. Signaturefd LLC now owns 1,735 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 196 shares in the last quarter. Finally, Truist Financial Corp raised its position in Agree Realty by 0.4% during the 1st quarter. Truist Financial Corp now owns 58,271 shares of the real estate investment trust’s stock valued at $3,998,000 after purchasing an additional 235 shares in the last quarter.

Agree Realty Trading Up 0.3 %

Shares of NYSE:ADC opened at $62.11 on Friday. The business’s 50-day moving average is $64.78 and its 200 day moving average is $66.84. Agree Realty Co. has a 1 year low of $60.79 and a 1 year high of $78.23. The firm has a market capitalization of $5.98 billion, a P/E ratio of 35.29, a P/E/G ratio of 3.48 and a beta of 0.45. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 31st will be given a dividend of $0.243 per share. This represents a $2.92 annualized dividend and a yield of 4.69%. The ex-dividend date is Wednesday, August 30th. Agree Realty’s dividend payout ratio is currently 165.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADC shares. StockNews.com started coverage on Agree Realty in a research report on Thursday, August 17th. They set a “sell” rating for the company. Truist Financial decreased their target price on Agree Realty from $77.00 to $74.00 and set a “buy” rating for the company in a research report on Monday, August 21st. Stifel Nicolaus boosted their price target on Agree Realty from $76.00 to $76.50 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Royal Bank of Canada reduced their price target on Agree Realty from $75.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, August 3rd. Finally, Mizuho reduced their price target on Agree Realty from $70.00 to $67.00 in a research report on Thursday, August 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.06.

Get Our Latest Stock Analysis on Agree Realty

Insider Activity at Agree Realty

In other Agree Realty news, CFO Peter Coughenour bought 500 shares of Agree Realty stock in a transaction that occurred on Tuesday, August 15th. The shares were bought at an average cost of $61.79 per share, with a total value of $30,895.00. Following the transaction, the chief financial officer now directly owns 6,543 shares of the company’s stock, valued at approximately $404,291.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Joey Agree purchased 10,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were acquired at an average price of $62.79 per share, for a total transaction of $627,900.00. Following the purchase, the chief executive officer now owns 539,253 shares in the company, valued at $33,859,695.87. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Peter Coughenour purchased 500 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average price of $61.79 per share, for a total transaction of $30,895.00. Following the purchase, the chief financial officer now owns 6,543 shares in the company, valued at approximately $404,291.97. The disclosure for this purchase can be found here. Insiders have acquired 53,751 shares of company stock valued at $3,382,660 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Agree Realty Profile

(Free Report)

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 June 30, 2023, the Company owned and operated a portfolio of 2,004 properties, located in 49 states and containing approximately 41.7 million square feet of gross leasable area.