On September 8, 2023, it was reported that Sei Investments Co. decreased its holdings in Agree Realty Co. by 15.6% during the first quarter, according to a recent 13F filing with the SEC. The institutional investor now owns 185,434 shares of the real estate investment trust’s stock after selling 34,269 shares during the period. At the end of the reporting period, Sei Investments Co.’s ownership amounted to approximately 0.20% of Agree Realty’s total worth, which is estimated at $12,723,000.
Agree Realty recently announced that it will be paying a monthly dividend on Thursday, September 14th. Shareholders who were recorded on Thursday, August 31st will receive a dividend of $0.243 per share. This translates into an annualized dividend of $2.92 and a yield of 4.81%. Investors should note that the ex-dividend date for this payment is Wednesday, August 30th. It’s worth mentioning that Agree Realty’s payout ratio is currently at an unusual rate of 165.91%.
A number of research firms have provided their assessments on ADC in recent times: Stifel Nicolaus raised their price target from $76.00 to $76.50 and awarded the company with a “buy” rating in their research report released on Wednesday, August 2nd; Truist Financial lowered their target price from $77.00 to $74.00 while maintaining a “buy” rating in their report on Monday, August 21st; StockNews.com initiated coverage on Agree Realty and assigned a “sell” rating on Thursday, August 17th; Mizuho also decreased its price target from $70.00 to $67.00 on Thursday, August 10th; Lastly, Royal Bank of Canada reduced their price objective from $75.00 to $74.00 and labeled the company as “outperform” in their research report on Thursday, August 3rd. It’s important to note that one analyst has assigned a sell rating to the stock, while another has recommended holding it. Furthermore, there have been six buy ratings and one strong buy rating given to Agree Realty. According to Bloomberg.com, the average rating for the stock is currently deemed as “Moderate Buy,” with a consensus target price of $75.06.
In conclusion, Sei Investments Co. has divested a portion of its holdings in Agree Realty Co., reducing its stake by 15.6% during the first quarter of this year. Agree Realty has also recently declared a monthly dividend for its shareholders, which will be paid out on September 14th. While the stock’s dividend yield is promising at 4.81%, the unusually high payout ratio of 165.91% raises concerns about sustainability. Various research firms have provided differing opinions on ADC’s prospects, but the average rating suggests a moderate level of optimism regarding the company’s future performance in the real estate investment trust sector
The Macerich Company
Updated on: 03/03/2024
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Sell
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|Analyst / firm
Changes in Institutional Ownership and Insider Purchases Signal Confidence in Agree Realty’s Future Growth
In recent months, there have been notable changes in institutional investors’ stakes in Agree Realty, a real estate investment trust (REIT) company. Biltmore Wealth Management LLC, for instance, acquired a new stake in shares of Agree Realty during the fourth quarter of the previous year, amounting to approximately $996 million. This move demonstrated the confidence that Biltmore Wealth Management had in the company.
Similarly, Northwestern Mutual Wealth Management Co. significantly increased its holdings in Agree Realty during the same period by an astounding 7,150%. The firm’s ownership rose to 435 shares valued at $31,000 after purchasing an additional 429 shares.
Parallel Advisors LLC also boosted its position in Agree Realty during the first quarter by 133.2%, now owning 506 shares valued at $35,000 after acquiring an extra 289 shares. Coppell Advisory Solutions Corp. and ICA Group Wealth Management LLC also made strategic investments in Agree Realty during this period.
Overall, it is worth noting that hedge funds and other institutional investors collectively own 97.83% of Agree Realty’s stock.
On a related note, director John Rakolta Jr. purchased a significant number of shares amounting to 30,000 on August 2nd at an average price of $63.02 per share. Following this purchase, Rakolta’s holdings now stand at approximately 330,056 shares valued at around $20.8 million.
CEO Joey Agree himself bought 10,000 shares of the company’s stock on the same day as Rakolta at an average price of $62.79 per share. Joey Agree’s current holding is estimated to be around 539,253 shares valued at $33.9 million.
These insider purchases are significant because they demonstrate the high level of confidence that these individuals have in the future prospects of Agree Realty and its potential for long-term growth.
Furthermore, as part of their ongoing commitment to creating value for their shareholders, Agree Realty recently announced a monthly dividend that will be paid on September 14th to shareholders of record as of August 31st. The dividend amount is set at $0.243 per share, representing an annualized dividend of $2.92 and a yield of 4.81%. It should be noted that Agree Realty’s payout ratio currently stands at a relatively high 165.91%.
Turning our attention to the company’s stock performance, Agree Realty’s shares opened at $60.57 on Friday with a market capitalization of $5.83 billion. The stock has a price-to-earnings (PE) ratio of 34.41 and a price/earnings-to-growth (PEG) ratio of 3.36, indicating that investors are paying a premium for future growth expectations.
Agree Realty’s stock has seen some fluctuation in recent times, with its fifty-day moving average standing at $64.05 and its two-hundred day moving average at $66.09.
Taking all these factors into account, Agree Realty faces an interesting landscape as it navigates through the uncertainties brought about by changing stakeholder patterns and economic conditions. However, the company remains optimistic about its future prospects as it continues to strive towards creating value for its shareholders amidst a dynamic marketplace characterized by both opportunities and challenges.
Note: All information provided above is based on public disclosures available as of September 8, 2023