Agree Realty Corporation $ADC Shares Acquired by Quarry LP

Quarry LP boosted its stake in Agree Realty Corporation (NYSE:ADC) by 52.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,127 shares of the real estate investment trust’s stock after acquiring an additional 390 shares during the period. Quarry LP’s holdings in Agree Realty were worth $87,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Twin Tree Management LP increased its position in shares of Agree Realty by 615,421.4% in the 1st quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust’s stock worth $6,652,000 after purchasing an additional 86,159 shares during the last quarter. Evergreen Capital Management LLC grew its stake in Agree Realty by 5.5% in the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust’s stock worth $344,000 after purchasing an additional 232 shares in the last quarter. Ceredex Value Advisors LLC increased its holdings in Agree Realty by 14.9% in the first quarter. Ceredex Value Advisors LLC now owns 165,382 shares of the real estate investment trust’s stock valued at $12,766,000 after buying an additional 21,400 shares during the last quarter. Corebridge Financial Inc. raised its stake in Agree Realty by 1.1% during the first quarter. Corebridge Financial Inc. now owns 118,186 shares of the real estate investment trust’s stock valued at $9,123,000 after buying an additional 1,274 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in Agree Realty by 1.7% during the 1st quarter. MetLife Investment Management LLC now owns 62,398 shares of the real estate investment trust’s stock worth $4,817,000 after buying an additional 1,072 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Joey Agree purchased 2,100 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $72.08 per share, with a total value of $151,368.00. Following the completion of the acquisition, the chief executive officer owned 635,160 shares of the company’s stock, valued at approximately $45,782,332.80. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have purchased 6,950 shares of company stock worth $501,296 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ADC. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, June 16th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Truist Financial set a $84.00 price target on shares of Agree Realty in a research report on Friday, August 8th. Finally, Morgan Stanley lowered shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price target for the company. in a report on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Trading Down 0.5%

Agree Realty stock opened at $71.83 on Thursday. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 42.76, a PEG ratio of 2.43 and a beta of 0.56. The firm has a 50-day moving average price of $72.75 and a two-hundred day moving average price of $74.27.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.256 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, August 29th. Agree Realty’s payout ratio is presently 182.74%.

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.