18,735 Shares in Agree Realty Corporation $ADC Acquired by Pasadena Private Wealth LLC

Key Points

• Pasadena Private Wealth LLC opened a new position in Agree Realty during the fourth quarter, buying 18,735 shares valued at about $1.35 million.
• Insider buying picked up, with CEO Joey Agree and Director Greg Lehmkuhl purchasing shares in May; insiders bought a total of 14,191 shares worth roughly $1.07 million over the past 90 days.
• Agree Realty recently beat quarterly expectations with EPS of $0.50 versus $0.47 expected and revenue of $211.49 million, while also declaring a quarterly dividend of $0.267 per share.

Pasadena Private Wealth LLC acquired a new position in Agree Realty Corporation (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,735 shares of the real estate investment trust's stock, valued at approximately $1,349,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADC. Centersquare Investment Management LLC increased its holdings in shares of Agree Realty by 1.8% during the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock valued at $205,748,000 after acquiring an additional 51,269 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 65.6% during the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust's stock valued at $143,268,000 after acquiring an additional 799,185 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Agree Realty by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 342,915 shares of the real estate investment trust's stock valued at $24,361,000 after acquiring an additional 25,236 shares in the last quarter. Azzad Asset Management Inc. ADV bought a new stake in shares of Agree Realty during the third quarter valued at approximately $971,000. Finally, Vanguard Group Inc. increased its holdings in shares of Agree Realty by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock valued at $1,133,114,000 after acquiring an additional 84,568 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Agree Realty Stock Down 0.5%

ADC stock opened at $74.50 on Friday. The stock's fifty day simple moving average is $76.41 and its two-hundred day simple moving average is $75.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 1-year low of $69.56 and a 1-year high of $82.08. The stock has a market cap of $8.95 billion, a P/E ratio of 40.27, a P/E/G ratio of 2.52 and a beta of 0.50.

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

Agree Realty Dividend Announcement

The company also recently declared 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. This represents a $1.07 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, May 29th. Agree Realty's dividend payout ratio is currently 172.97%.

Analyst Ratings Changes

Several equities research analysts have recently commented on ADC shares. Mizuho decreased their price objective on Agree Realty from $86.00 to $80.00 and set a "neutral" rating for the company in a report on Wednesday, May 13th. Truist Financial boosted their price objective on Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a report on Monday, March 23rd. UBS Group boosted their price objective on Agree Realty from $82.00 to $91.00 and gave the company a "buy" rating in a report on Monday, March 9th. Stifel Nicolaus upped their price target on Agree Realty from $83.50 to $84.50 and gave the stock a "buy" rating in a report on Wednesday, February 11th. Finally, Citigroup upped their price target on Agree Realty from $77.00 to $82.50 and gave the stock a "neutral" rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and a consensus price target of $83.79.

Agree Realty Company 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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