Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in Agree Realty Corporation $ADC

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Agree Realty Corporation (NYSE:ADC) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,427 shares of the real estate investment trust’s stock after buying an additional 5,622 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Agree Realty worth $5,803,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. bought a new position in Agree Realty during the 1st quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its stake in shares of 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 acquiring an additional 306 shares during the last quarter. SVB Wealth LLC bought a new position in shares of Agree Realty during the first quarter valued at $33,000. Larson Financial Group LLC raised its position 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 last quarter. Finally, IFP Advisors Inc purchased a new position in shares of Agree Realty in the 2nd quarter worth about $69,000. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ADC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Evercore ISI boosted their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Royal Bank Of Canada upped their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Barclays reduced their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Finally, Mizuho lowered their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.73.

Agree Realty Price Performance

NYSE ADC opened at $73.71 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 43.10, a PEG ratio of 2.28 and a beta of 0.55. The company’s 50 day moving average is $72.61 and its two-hundred day moving average is $73.38.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. During the same period in the prior year, the company posted $1.03 earnings per share. The company’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. As a group, research analysts anticipate 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 Friday, December 12th. Investors of record on Friday, November 28th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, November 28th. This represents a c) annualized dividend and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree purchased 3,528 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was acquired at an average cost of $70.63 per share, for a total transaction of $249,182.64. Following the purchase, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at $45,110,533.44. This trade represents a 0.56% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction dated Friday, September 5th. The shares were bought at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the transaction, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 29,792 shares of company stock worth $2,100,408 over the last quarter. Company insiders own 1.80% of the company’s stock.

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.