WESPAC Advisors LLC Acquires New Holdings in Agree Realty Corporation $ADC

WESPAC Advisors LLC acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,886 shares of the real estate investment trust’s stock, valued at approximately $795,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in Agree Realty in the first quarter worth $27,000. Farther Finance Advisors LLC grew its holdings in Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC purchased a new position in Agree Realty in the first quarter worth $33,000. Capital Advisors Ltd. LLC grew its holdings in Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 270 shares during the last quarter. Finally, NBC Securities Inc. purchased a new position in Agree Realty in the first quarter worth $39,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Truist Financial set a $84.00 price target on shares of Agree Realty in a report on Friday, August 8th. UBS Group boosted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Mizuho dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Barclays dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 20th. Finally, Evercore ISI boosted their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.63.

Insider Activity at Agree Realty

In other Agree Realty news, insider Craig Erlich bought 360 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The stock was bought at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the completion of the transaction, the insider directly owned 52,846 shares of the company’s stock, valued at approximately $3,743,610.64. This trade represents a 0.69% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree bought 4,108 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the transaction, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 11,588 shares of company stock worth $830,611 over the last three months. Company insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 0.3%

NYSE ADC opened at $70.45 on Wednesday. The company has a market capitalization of $7.80 billion, a PE ratio of 41.93, a P/E/G ratio of 2.28 and a beta of 0.55. The company has a fifty day moving average of $72.31 and a 200 day moving average of $73.79. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty (NYSE:ADC) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts forecast 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 sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be given a dividend of $0.256 per share. The ex-dividend date is Tuesday, September 30th. This represents a yield of 432.0%. Agree Realty’s payout ratio is currently 182.74%.

About Agree Realty

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.