Impax Asset Management Group plc Sells 20,000 Shares of Agree Realty Corporation $ADC

Impax Asset Management Group plc decreased its holdings in Agree Realty Corporation (NYSE:ADC) by 20.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,000 shares of the real estate investment trust’s stock after selling 20,000 shares during the quarter. Impax Asset Management Group plc’s holdings in Agree Realty were worth $5,845,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cerity Partners LLC increased its stake in shares of Agree Realty by 1.4% in the 1st quarter. Cerity Partners LLC now owns 39,122 shares of the real estate investment trust’s stock valued at $3,020,000 after acquiring an additional 536 shares in the last quarter. Arizona State Retirement System increased its stake in Agree Realty by 1.7% in the 1st quarter. Arizona State Retirement System now owns 29,694 shares of the real estate investment trust’s stock valued at $2,292,000 after buying an additional 490 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in Agree Realty by 1.0% during the first quarter. Mutual of America Capital Management LLC now owns 55,086 shares of the real estate investment trust’s stock worth $4,252,000 after acquiring an additional 519 shares during the period. Securian Asset Management Inc. increased its holdings in Agree Realty by 4.1% during the first quarter. Securian Asset Management Inc. now owns 8,129 shares of the real estate investment trust’s stock worth $627,000 after buying an additional 322 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 440 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ADC shares. Evercore ISI raised their target price on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Mizuho cut their target price 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. Finally, Royal Bank Of Canada raised their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Nine investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Stock Up 0.5%

NYSE ADC opened at $73.71 on Friday. The stock has a 50 day moving average price of $72.61 and a 200-day moving average price of $73.38. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $8.47 billion, a P/E ratio of 43.10, a P/E/G ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. During the same quarter in the previous year, the business earned $1.03 EPS. Agree Realty’s revenue 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. As a group, equities analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.262 dividend. The ex-dividend date is Friday, November 28th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio is 183.63%.

Insiders Place Their Bets

In related news, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction dated Friday, September 5th. The shares were acquired at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Erlich purchased 360 shares of the stock in a transaction dated Friday, October 3rd. The shares were acquired at an average price of $70.84 per share, with a total value of $25,502.40. Following the completion of the acquisition, the insider owned 52,846 shares in the company, valued at approximately $3,743,610.64. This trade represents a 0.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 29,792 shares of company stock worth $2,100,408. Company insiders own 1.80% of the company’s stock.

Agree Realty 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.