Greg Lehmkuhl Buys 750 Shares of Agree Realty (NYSE:ADC) Stock

Key Points

• Greg Lehmkuhl, a director at Agree Realty, purchased 750 shares at an average price of $72.84, increasing his total ownership to 27,684 shares worth approximately $2.02 million.
• Agree Realty reported a quarterly earnings per share (EPS) of $1.06, exceeding estimates, with revenues reaching $175.53 million, a 15% increase from the previous year.
• The company announced a monthly dividend of $0.256, representing an annualized yield of 4.2%, with a current dividend payout ratio of 182.74%.

Agree Realty Corporation (NYSE:ADC - Get Free Report) Director Greg Lehmkuhl bought 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director owned 27,684 shares of the company's stock, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Agree Realty Price Performance

ADC traded down $0.63 during trading on Friday, reaching $73.11. The stock had a trading volume of 789,888 shares, compared to its average volume of 1,163,507. The stock has a market cap of $8.09 billion, a PE ratio of 43.52, a PEG ratio of 2.40 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The business has a 50-day moving average of $72.71 and a 200-day moving average of $74.31.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm's revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.256 per share. This represents a dividend yield of 430.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Agree Realty's dividend payout ratio (DPR) is 182.74%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ADC. Bank of America Corp DE increased its holdings in Agree Realty by 217.1% during the 4th quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock valued at $37,003,000 after purchasing an additional 359,605 shares during the period. Cetera Investment Advisers increased its holdings in Agree Realty by 11.6% during the 4th quarter. Cetera Investment Advisers now owns 27,890 shares of the real estate investment trust's stock valued at $1,965,000 after purchasing an additional 2,899 shares during the period. EP Wealth Advisors LLC increased its holdings in Agree Realty by 6.3% during the 4th quarter. EP Wealth Advisors LLC now owns 4,150 shares of the real estate investment trust's stock valued at $292,000 after purchasing an additional 246 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in Agree Realty by 78.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 412,928 shares of the real estate investment trust's stock valued at $29,091,000 after purchasing an additional 181,455 shares during the period. Finally, Ethic Inc. purchased a new position in Agree Realty during the 4th quarter valued at about $221,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have 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 price objective on the stock. in a research note on Friday, July 11th. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. Mizuho reduced their price objective on Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research note on Thursday. Barclays reduced their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 20th. Finally, UBS Group raised their price objective on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $80.42.

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.