Joey Agree Purchases 4,108 Shares of Agree Realty Corporation (NYSE:ADC) Stock

Key Points

• CEO Joey Agree purchased 4,108 shares of Agree Realty at an average price of $72.15 per share, increasing his ownership by 0.65% to a total of 633,060 shares.
• Agree Realty reported $1.06 EPS for the last quarter, exceeding estimates, and achieved a revenue of $175.53 million, a 15% increase year-over-year.
• The company has declared a monthly dividend of $0.256 per share, with a yield of 4.3%, set to be paid on September 15th.

Agree Realty Corporation (NYSE:ADC - Get Free Report) CEO Joey Agree purchased 4,108 shares of the stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the transaction, the chief executive officer owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Joey Agree also recently made the following trade(s):

• On Thursday, August 14th, Joey Agree bought 2,100 shares of Agree Realty stock. The stock was bought at an average price of $72.08 per share, for a total transaction of $151,368.00.
• On Wednesday, August 13th, Joey Agree bought 742 shares of Agree Realty stock. The stock was bought at an average price of $72.15 per share, for a total transaction of $53,535.30.

Agree Realty Stock Performance

Shares of NYSE ADC traded down $0.50 during trading hours on Monday, hitting $72.06. 1,463,473 shares of the company's stock were exchanged, compared to its average volume of 1,194,245. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 42.89, a PEG ratio of 2.36 and a beta of 0.55. The company's 50-day moving average price is $73.24 and its 200-day moving average price is $74.26.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The firm had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. During the same period in the previous year, the company posted $1.04 earnings per share. The company's quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, August 29th. Agree Realty's dividend payout ratio is currently 182.74%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ADC shares. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Barclays lifted their price target on Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $80.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Westwood Holdings Group Inc. acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $65,376,000. Parr Mcknight Wealth Management Group LLC boosted its holdings in shares of Agree Realty by 1.6% in the 2nd quarter. Parr Mcknight Wealth Management Group LLC now owns 17,150 shares of the real estate investment trust's stock worth $1,253,000 after acquiring an additional 271 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Agree Realty by 7.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 235,833 shares of the real estate investment trust's stock worth $17,233,000 after acquiring an additional 16,640 shares in the last quarter. Adelante Capital Management LLC boosted its holdings in shares of Agree Realty by 15.4% in the 2nd quarter. Adelante Capital Management LLC now owns 427,610 shares of the real estate investment trust's stock worth $31,241,000 after acquiring an additional 56,958 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in shares of Agree Realty by 3.4% in the 2nd quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust's stock worth $454,000 after acquiring an additional 204 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.