Wellington Management Group LLP Takes $4.29 Million Position in Agree Realty Co. (NYSE:ADC)

Wellington Management Group LLP bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 68,071 shares of the real estate investment trust’s stock, valued at approximately $4,285,000. Wellington Management Group LLP owned 0.07% of Agree Realty at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADC. Abel Hall LLC acquired a new position in shares of Agree Realty during the fourth quarter worth $318,000. Heitman Real Estate Securities LLC grew its position in shares of Agree Realty by 7.4% in the 4th quarter. Heitman Real Estate Securities LLC now owns 823,954 shares of the real estate investment trust’s stock valued at $51,868,000 after buying an additional 56,692 shares during the last quarter. Brevan Howard Capital Management LP increased its stake in shares of Agree Realty by 131.0% in the fourth quarter. Brevan Howard Capital Management LP now owns 21,424 shares of the real estate investment trust’s stock valued at $1,349,000 after buying an additional 12,150 shares during the period. Cohen & Steers Inc. raised its position in shares of Agree Realty by 2.9% during the fourth quarter. Cohen & Steers Inc. now owns 1,157,713 shares of the real estate investment trust’s stock worth $72,878,000 after acquiring an additional 32,169 shares during the last quarter. Finally, Land & Buildings Investment Management LLC acquired a new position in shares of Agree Realty in the fourth quarter worth approximately $25,475,000. 97.83% of the stock is owned by institutional investors.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 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 completion of the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of a number of recent analyst reports. Mizuho increased their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. UBS Group assumed coverage on shares of Agree Realty in a research note on Friday, May 31st. They set a “neutral” rating and a $60.00 target price for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, KeyCorp initiated coverage on Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective for the company. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.50.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $61.94 on Friday. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The stock’s 50 day moving average is $59.96 and its 200-day moving average is $59.20. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.43 and a beta of 0.56.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued 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 4.84%. Agree Realty’s payout ratio is 176.47%.

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.