Pacer Advisors Inc. Buys New Shares in Agree Realty Corporation $ADC

Pacer Advisors Inc. bought a new position in shares of Agree Realty Corporation (NYSE:ADC) in the 3rd quarter, Holdings Channel.com reports. The fund bought 21,224 shares of the real estate investment trust’s stock, valued at approximately $1,508,000.

Several other large investors also recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its stake in shares of Agree Realty by 114.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 818 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 437 shares during the period. Exchange Traded Concepts LLC raised its holdings in Agree Realty by 33.2% in the third quarter. Exchange Traded Concepts LLC now owns 85,169 shares of the real estate investment trust’s stock valued at $6,050,000 after acquiring an additional 21,240 shares in the last quarter. Community Bank of Raymore lifted its stake in Agree Realty by 8.2% in the third quarter. Community Bank of Raymore now owns 39,715 shares of the real estate investment trust’s stock worth $2,821,000 after acquiring an additional 3,000 shares during the last quarter. Trust Point Inc. acquired a new position in Agree Realty during the 3rd quarter worth approximately $406,000. Finally, Voya Investment Management LLC increased its position in shares of Agree Realty by 190.4% in the 3rd quarter. Voya Investment Management LLC now owns 35,117 shares of the real estate investment trust’s stock valued at $2,495,000 after purchasing an additional 23,023 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $72.06 on Thursday. The company’s 50 day simple moving average is $73.24 and its 200-day simple moving average is $72.89. The firm has a market cap of $8.28 billion, a PE ratio of 42.14, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. 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 (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share 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 quarter in the prior year, the business earned $1.03 EPS. Agree Realty’s quarterly 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 year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.262 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADC. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. KeyCorp raised their price target on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Royal Bank Of Canada lifted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Stifel Nicolaus set a $83.50 price objective on Agree Realty in a report on Tuesday, November 25th. Finally, Evercore ISI cut their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, December 15th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $80.32.

Insider Activity

In related news, insider Craig Erlich bought 360 shares of the stock in a transaction on Friday, October 3rd. The shares were bought at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider owned 52,846 shares of the company’s stock, valued at $3,743,610.64. This trade represents a 0.69% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Rakolta, Jr. purchased 25,154 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were bought at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the purchase, the director directly owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 40,514 shares of company stock worth $2,879,296 in the last 90 days. 1.80% of the stock is currently owned by insiders.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.