Ontario Teachers Pension Plan Board Makes New Investment in Agree Realty Co. (NYSE:ADC)

Ontario Teachers Pension Plan Board acquired a new position in shares of Agree Realty Co. (NYSE:ADC) in the 1st quarter, Holdings Channel.com reports. The firm acquired 14,502 shares of the real estate investment trust’s stock, valued at approximately $828,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc bought a new stake in Agree Realty during the 4th quarter worth about $7,554,000. Norges Bank bought a new stake in Agree Realty during the 4th quarter worth about $71,409,000. Daiwa Securities Group Inc. raised its holdings in Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after purchasing an additional 21,254 shares during the last quarter. Scout Investments Inc. raised its holdings in Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after purchasing an additional 214,840 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Agree Realty by 4.6% during the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after purchasing an additional 8,700 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Mizuho upped their price target on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. KeyCorp began coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. Finally, UBS Group upped their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $66.14.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.80% of the stock is owned by insiders.

Agree Realty Stock Down 0.6 %

Shares of NYSE:ADC traded down $0.37 during midday trading on Monday, reaching $66.31. 863,521 shares of the company were exchanged, compared to its average volume of 924,122. The firm has a market cap of $6.67 billion, a PE ratio of 39.19, a P/E/G ratio of 2.63 and a beta of 0.58. 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 fifty-two week low of $52.69 and a fifty-two week high of $69.26. The stock has a fifty day simple moving average of $61.57 and a two-hundred day simple moving average of $59.31.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.52%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

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.