Naviter Wealth LLC Grows Position in Agree Realty Co. (NYSE:ADC)

Naviter Wealth LLC boosted its stake in Agree Realty Co. (NYSE:ADC) by 18.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,168 shares of the real estate investment trust’s stock after purchasing an additional 800 shares during the quarter. Naviter Wealth LLC’s holdings in Agree Realty were worth $296,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HBC Financial Services PLLC acquired a new position in Agree Realty during the fourth quarter valued at approximately $31,000. Lindbrook Capital LLC lifted its position in Agree Realty by 267.1% during the fourth 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. GAMMA Investing LLC acquired a new position in Agree Realty during the fourth quarter valued at approximately $44,000. Jamison Private Wealth Management Inc. lifted its position in Agree Realty by 96.6% during the fourth 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, ICA Group Wealth Management LLC acquired a new position in Agree Realty during the fourth quarter valued at approximately $63,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ADC shares. KeyCorp initiated coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target on the stock. Mizuho boosted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, UBS Group started coverage on shares of Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 price target on the stock. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

Agree Realty Stock Performance

ADC stock traded up $0.14 during trading on Tuesday, hitting $61.81. 390,589 shares of the company’s stock traded hands, compared to its average volume of 937,658. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $69.26. The stock has a fifty day moving average price of $60.14 and a two-hundred day moving average price of $59.19. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 36.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.58.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 4.85%. Agree Realty’s payout ratio is 176.47%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is owned by insiders.

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.