Ronald Blue Trust Inc. cut its holdings in Agree Realty Co. (NYSE:ADC – Free Report) by 57.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 571 shares of the real estate investment trust’s stock after selling 775 shares during the quarter. Ronald Blue Trust Inc.’s holdings in Agree Realty were worth $40,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Agree Realty by 7,150.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 429 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Agree Realty by 133.2% in the first quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 289 shares in the last quarter. Janiczek Wealth Management LLC boosted its holdings in shares of Agree Realty by 1,044.8% in the second quarter. Janiczek Wealth Management LLC now owns 664 shares of the real estate investment trust’s stock valued at $43,000 after acquiring an additional 606 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new stake in shares of Agree Realty in the fourth quarter valued at about $71,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Agree Realty in the fourth quarter valued at about $71,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, insider Craig Erlich acquired 1,800 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was acquired at an average price of $55.25 per share, with a total value of $99,450.00. Following the completion of the transaction, the insider now directly owns 38,060 shares in the company, valued at approximately $2,102,815. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Craig Erlich acquired 1,800 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was acquired at an average price of $55.25 per share, with a total value of $99,450.00. Following the completion of the transaction, the insider now directly owns 38,060 shares in the company, valued at approximately $2,102,815. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. acquired 30,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was purchased at an average cost of $63.02 per share, with a total value of $1,890,600.00. Following the transaction, the director now owns 330,056 shares of the company’s stock, valued at $20,800,129.12. The disclosure for this purchase can be found here. Insiders bought a total of 115,551 shares of company stock valued at $6,882,110 over the last 90 days. Insiders own 1.60% of the company’s stock.
Agree Realty Stock Performance
Agree Realty Announces Dividend
The company also recently disclosed a monthly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a $0.243 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date of this dividend is Thursday, September 28th. Agree Realty’s dividend payout ratio is presently 165.91%.
Wall Street Analyst Weigh In
A number of research firms recently commented on ADC. Truist Financial decreased their price objective on shares of Agree Realty from $77.00 to $74.00 and set a “buy” rating on the stock in a report on Monday, August 21st. Citigroup decreased their price objective on shares of Agree Realty from $75.00 to $64.00 and set a “neutral” rating on the stock in a report on Friday, September 22nd. Mizuho decreased their price objective on shares of Agree Realty from $70.00 to $67.00 in a report on Thursday, August 10th. Wells Fargo & Company assumed coverage on shares of Agree Realty in a research report on Wednesday, September 20th. They set an “overweight” rating and a $70.00 target price for the company. Finally, StockNews.com assumed coverage on shares of Agree Realty in a research report on Thursday, August 17th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.45.
Check Out Our Latest Stock Report on ADC
About Agree Realty
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.
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