Agree Realty (NYSE:ADC) Director Purchases $1,771,093.14 in Stock

Key Points

• Director John Rakolta, Jr. of Agree Realty purchased 25,154 shares of the company's stock for approximately $1.77 million, increasing his holdings by 4.76%.
• The firm reported $1.06 earnings per share for the last quarter, slightly exceeding analyst expectations and reflecting a 15% year-over-year revenue increase.
• Agree Realty recently declared a dividend of $0.256 per share with a payout ratio of 182.74% and a dividend yield of 432.0%, highlighting its commitment to returning value to shareholders.

Agree Realty Corporation (NYSE:ADC - Get Free Report) Director John Rakolta, Jr. bought 25,154 shares of the firm's stock in a transaction on Tuesday, October 7th. The shares were bought at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the purchase, the director owned 553,700 shares of the company's stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Agree Realty Price Performance

Shares of NYSE ADC traded up $0.10 during midday trading on Thursday, reaching $70.62. 818,824 shares of the company were exchanged, compared to its average volume of 1,132,328. The stock's 50-day moving average price is $72.26 and its 200-day moving average price is $73.77. The stock has a market cap of $7.82 billion, a P/E ratio of 42.04, a PEG ratio of 2.29 and a beta of 0.55. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59.

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

Agree Realty Announces Dividend

The firm also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.256 per share. This represents a dividend yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's payout ratio is 182.74%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently made changes to their positions in ADC. Nuveen LLC acquired a new position in shares of Agree Realty during the first quarter valued at about $64,759,000. Westwood Holdings Group Inc. acquired a new position in shares of Agree Realty during the second quarter valued at about $65,376,000. Norges Bank acquired a new position in shares of Agree Realty during the second quarter valued at about $65,030,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Agree Realty during the first quarter valued at about $41,114,000. Finally, Burkehill Global Management LP raised its holdings in shares of Agree Realty by 450.0% during the first quarter. Burkehill Global Management LP now owns 550,000 shares of the real estate investment trust's stock valued at $42,454,000 after purchasing an additional 450,000 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Mizuho cut their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, September 11th. UBS Group lifted their price target 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. Evercore ISI lifted their price target 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. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Finally, Barclays cut their price target on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Eight research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.63.

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.

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