Ibex Wealth Advisors Purchases 5,598 Shares of Agree Realty Corporation $ADC

Ibex Wealth Advisors increased its position in shares of Agree Realty Corporation (NYSE:ADC) by 6.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 99,201 shares of the real estate investment trust’s stock after acquiring an additional 5,598 shares during the quarter. Ibex Wealth Advisors owned about 0.09% of Agree Realty worth $7,248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADC. AE Wealth Management LLC bought a new position in Agree Realty during the first quarter worth about $358,000. Twin Tree Management LP raised 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 valued at $6,652,000 after acquiring an additional 86,159 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Agree Realty by 77.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock worth $8,699,000 after acquiring an additional 49,282 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Agree Realty during the first quarter valued at approximately $1,161,000. Finally, Ascent Group LLC bought a new stake in Agree Realty in the first quarter valued at approximately $2,459,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Craig Erlich purchased 360 shares of Agree Realty stock in a transaction that occurred on Friday, October 3rd. The stock was purchased at an average cost of $70.84 per share, with a total value of $25,502.40. Following the completion of the transaction, the insider 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg Lehmkuhl purchased 750 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was bought at an average price of $72.84 per share, with a total value of $54,630.00. Following the completion of the purchase, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 36,742 shares of company stock worth $2,601,704 in the last three months. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group increased their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Mizuho dropped their price objective on Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Barclays decreased their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 20th. Truist Financial lowered their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, KeyCorp lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Agree Realty Price Performance

NYSE ADC opened at $73.39 on Monday. The firm’s 50 day moving average is $72.50 and its 200-day moving average is $73.41. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.43 billion, a PE ratio of 42.92, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. During the same quarter last year, the firm earned $1.03 earnings per share. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s dividend payout ratio is 183.63%.

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.