Custom Index Systems LLC Makes New Investment in Agree Realty Co. (NYSE:ADC)

Custom Index Systems LLC bought a new stake in Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,863 shares of the real estate investment trust’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ADC. The Manufacturers Life Insurance Company increased its stake in Agree Realty by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 103,674 shares of the real estate investment trust’s stock valued at $6,422,000 after buying an additional 382 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Agree Realty during the second quarter valued at approximately $628,000. Creative Planning lifted its holdings in Agree Realty by 86.8% during the second quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock worth $3,519,000 after acquiring an additional 26,398 shares during the period. Sanctuary Advisors LLC purchased a new position in Agree Realty in the second quarter worth $1,235,000. Finally, SG Americas Securities LLC grew its stake in Agree Realty by 33.9% in the 3rd quarter. SG Americas Securities LLC now owns 17,305 shares of the real estate investment trust’s stock valued at $1,304,000 after purchasing an additional 4,385 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADC. Robert W. Baird lifted their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday. Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Barclays assumed coverage on Agree Realty in a report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.07.

Agree Realty Stock Performance

Agree Realty stock opened at $72.60 on Friday. The firm’s 50 day simple moving average is $72.45 and its 200 day simple moving average is $73.16. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The firm has a market capitalization of $7.52 billion, a PE ratio of 40.11, a price-to-earnings-growth ratio of 2.54 and a beta of 0.64.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.18%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Agree Realty 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.