Norges Bank Purchases New Position in Agree Realty Corporation $ADC

Norges Bank acquired a new position in Agree Realty Corporation (NYSE:ADC) in the 2nd quarter, Holdings Channel reports. The firm acquired 890,085 shares of the real estate investment trust’s stock, valued at approximately $65,030,000.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock worth $1,119,037,000 after acquiring an additional 403,048 shares during the period. Geode Capital Management LLC boosted its position in shares of Agree Realty by 6.8% during 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 in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Agree Realty by 17.8% during the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock valued at $180,487,000 after purchasing an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Agree Realty by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock worth $122,049,000 after purchasing an additional 31,030 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree bought 3,528 shares of Agree Realty stock in a transaction on Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, with a total value of $249,182.64. Following the acquisition, the chief executive officer owned 638,688 shares in the company, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Erlich purchased 360 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was acquired at an average price of $70.84 per share, with a total value of $25,502.40. Following the purchase, the insider directly owned 52,846 shares of the company’s stock, valued at approximately $3,743,610.64. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 29,042 shares of company stock worth $2,045,778. Insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC stock opened at $73.89 on Friday. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 43.21, a price-to-earnings-growth ratio of 2.42 and a beta of 0.54. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The company’s 50-day moving average is $73.38 and its 200 day moving average is $73.26.

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

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be paid a dividend of $0.262 per share. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, November 28th. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Royal Bank Of Canada lifted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. UBS Group upped their price objective 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. Finally, Truist Financial decreased their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $81.29.

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.