CANADA LIFE ASSURANCE Co Acquires 7,766 Shares of Agree Realty Co. (NYSE:ADC)

CANADA LIFE ASSURANCE Co raised its holdings in shares of Agree Realty Co. (NYSE:ADC) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 187,705 shares of the real estate investment trust’s stock after acquiring an additional 7,766 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.19% of Agree Realty worth $10,715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. HBC Financial Services PLLC bought a new stake in shares of Agree Realty during the 4th quarter valued at $31,000. Lindbrook Capital LLC increased its position in shares of 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 during the period. UMB Bank n.a. lifted its holdings in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Agree Realty in the fourth quarter worth about $44,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $63,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.1 %

Shares of ADC opened at $67.91 on Friday. The firm has a market cap of $6.83 billion, a P/E ratio of 39.95, a P/E/G ratio of 2.70 and a beta of 0.58. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a 50 day simple moving average of $62.13 and a two-hundred day simple moving average of $59.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.71.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced 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. This represents a $3.00 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Wednesday, July 31st. Agree Realty’s dividend payout ratio is 176.47%.

Analyst Upgrades and Downgrades

ADC has been the topic of several recent analyst reports. Royal Bank of Canada increased their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. UBS Group upped their target price on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Stifel Nicolaus lifted their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday. Finally, Mizuho boosted their price objective on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.95.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the acquisition, the director now owns 23,036 shares in the company, valued at approximately $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is currently owned by corporate insiders.

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.