1,612,027 Shares in Agree Realty Corporation $ADC Acquired by Norges Bank

Key Points

• Norges Bank disclosed a new position in Agree Realty, buying 1,612,027 shares valued at about $116.1 million and ending with 1.40% ownership of the REIT.
• Agree Realty’s latest quarter beat expectations, posting $0.50 EPS versus $0.47 expected and revenue of $211.49 million, up 18.7% year over year.
• The company also announced a quarterly dividend of $0.267 per share to be paid June 12, while CEO Joey Agree and Director Greg Lehmkuhl recently bought shares in open-market transactions.

Norges Bank bought a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,612,027 shares of the real estate investment trust's stock, valued at approximately $116,114,000. Norges Bank owned 1.40% of Agree Realty at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Agree Realty by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock worth $1,133,114,000 after purchasing an additional 84,568 shares in the last quarter. State Street Corp raised its stake in shares of Agree Realty by 0.5% during the third quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust's stock valued at $412,954,000 after purchasing an additional 27,546 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Agree Realty by 80.8% during the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock valued at $309,266,000 after purchasing an additional 1,918,427 shares in the last quarter. Centersquare Investment Management LLC lifted its holdings in Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock worth $205,748,000 after purchasing an additional 51,269 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Agree Realty by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 2,509,922 shares of the real estate investment trust's stock worth $180,823,000 after purchasing an additional 117,346 shares during the period. Institutional investors own 97.83% of the company's stock.

Insider Activity

In other news, CEO Joey Agree bought 13,295 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the acquisition, the chief executive officer directly owned 675,105 shares in the company, valued at $50,909,668.05. This represents a 2.01% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Greg Lehmkuhl bought 750 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the completion of the transaction, the director owned 34,465 shares of the company's stock, valued at $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 14,191 shares of company stock worth $1,069,944. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Performance

Shares of ADC opened at $72.16 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm's 50 day moving average is $75.99 and its 200-day moving average is $75.25. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The stock has a market capitalization of $8.67 billion, a P/E ratio of 39.00, a P/E/G ratio of 2.42 and a beta of 0.48.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. The business had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The business's quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 earnings per share. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.44 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a dividend of $0.267 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 1.5%. Agree Realty's payout ratio is 172.97%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Mizuho lowered their target price on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. Royal Bank Of Canada upped their price target on shares of Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Morgan Stanley set a $81.00 price objective on shares of Agree Realty in a report on Tuesday, April 21st. Raymond James Financial raised their price objective on shares of Agree Realty from $84.00 to $90.00 and gave the company a "strong-buy" rating in a research note on Tuesday, March 17th. Finally, Robert W. Baird boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

Agree Realty Profile

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.

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