Agree Realty Co. (NYSE:ADC) Shares Sold by Bank of Nova Scotia (2024)

Bank of Nova Scotia cut its holdings in Agree Realty Co. (NYSE:ADC – Free Report) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,572 shares of the real estate investment trust’s stock after selling 503 shares during the quarter. Bank of Nova Scotia’s holdings in Agree Realty were worth $414,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Applied Capital LLC FL grew its holdings in Agree Realty by 2.4% during the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after buying an additional 174 shares during the last quarter. Parallel Advisors LLC increased its position in Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares in the last quarter. Securian Asset Management Inc. raised its stake in Agree Realty by 4.0% in the 4th quarter. Securian Asset Management Inc. now owns 8,483 shares of the real estate investment trust’s stock valued at $534,000 after purchasing an additional 330 shares during the last quarter. Mariner LLC lifted its holdings in Agree Realty by 3.0% in the 3rd quarter. Mariner LLC now owns 11,730 shares of the real estate investment trust’s stock valued at $648,000 after purchasing an additional 340 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its stake in shares of Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 364 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Down 1.3 %

ADC opened at $61.15 on Friday. The company has a market cap of $6.15 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.45 and a beta of 0.56. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $69.26. The firm has a 50 day moving average price of $58.53 and a 200 day moving average price of $59.00.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date is Friday, May 31st. Agree Realty’s dividend payout ratio is presently 176.47%.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the acquisition, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADC. Wells Fargo & Company reduced their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Truist Financial lowered their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Stifel Nicolaus dropped their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Mizuho raised their price target on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, May 10th. Finally, UBS Group began coverage on shares of Agree Realty in a research note on Friday, May 31st. They set a “neutral” rating and a $60.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Agree Realty has an average rating of “Hold” and an average target price of $65.25.

Read Our Latest Report on Agree Realty

Agree Realty Company Profile

(Free Report)

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.

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