Thrivent Financial for Lutherans Has $24.36 Million Stake in Agree Realty Corporation $ADC

Thrivent Financial for Lutherans lifted its position in shares of Agree Realty Corporation (NYSE:ADC) by 7.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 342,915 shares of the real estate investment trust’s stock after purchasing an additional 25,236 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Agree Realty were worth $24,361,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADC. Vanguard Group Inc. lifted its stake in Agree Realty by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock valued at $1,119,037,000 after acquiring an additional 403,048 shares in the last quarter. State Street Corp grew its stake in shares of Agree Realty by 7.1% during the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock worth $422,629,000 after acquiring an additional 381,438 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Agree Realty by 6.8% in the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock valued at $205,489,000 after purchasing an additional 170,827 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 5.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,780,620 shares of the real estate investment trust’s stock worth $130,092,000 after purchasing an additional 85,323 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in Agree Realty by 3.4% during the second quarter. Balyasny Asset Management L.P. now owns 1,235,483 shares of the real estate investment trust’s stock worth $90,264,000 after purchasing an additional 40,392 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADC. Wells Fargo & Company lifted their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. KeyCorp lifted their target price on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Stifel Nicolaus set a $83.50 price target on Agree Realty in a research report on Tuesday, November 25th. Truist Financial decreased their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $72.14 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.29 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.52 and a beta of 0.54. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $79.65. The stock has a 50 day moving average of $72.39 and a 200-day moving average of $72.70.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a $0.262 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a c) annualized dividend and a dividend yield of 4.4%. Agree Realty’s dividend payout ratio is presently 183.63%.

Insider Transactions at Agree Realty

In related news, Director John Rakolta, Jr. bought 15,000 shares of Agree Realty stock in a transaction that occurred on Wednesday, December 24th. The stock was acquired at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the acquisition, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. This represents a 2.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard Agree purchased 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average price of $70.67 per share, for a total transaction of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares in the company, valued at $11,296,952.85. The trade was a 17.67% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 39,500 shares of company stock worth $2,813,680. 1.80% of the stock is owned by insiders.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.