BI Asset Management Fondsmaeglerselskab A S Purchases Shares of 71,000 Agree Realty Corporation $ADC

Key Points

• BI Asset Management Fondsmaeglerselskab A S acquired 71,000 shares of Agree Realty Corporation (NYSE:ADC) worth approximately $5.48 million, boosting its ownership to about 0.06% of the company.
• Insider trading activity showed CEO Joey Agree purchased 4,108 shares for around $296,392, increasing his ownership by 0.65% to 633,060 shares valued at approximately $45.68 million.
• Agree Realty recently declared a monthly dividend of $0.256 payable on September 15th, with a current dividend yield of 4.2%, although its payout ratio stands at an unusually high 182.74%.

BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 71,000 shares of the real estate investment trust's stock, valued at approximately $5,480,000. BI Asset Management Fondsmaeglerselskab A S owned about 0.06% of Agree Realty as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its stake in Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Agree Realty by 61.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after acquiring an additional 4,551 shares during the last quarter. AE Wealth Management LLC purchased a new stake in Agree Realty during the 1st quarter valued at approximately $358,000. Oppenheimer Asset Management Inc. raised its stake in Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after acquiring an additional 1,941 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in Agree Realty by 77.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after acquiring an additional 49,282 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. 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 lowered their target price on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday. Truist Financial set a $84.00 price objective on Agree Realty in a report on Friday, August 8th. Finally, Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $80.50.

Agree Realty Stock Down 1.3%

NYSE:ADC traded down $0.9750 during mid-day trading on Friday, hitting $73.0650. The company had a trading volume of 701,347 shares, compared to its average volume of 1,010,635. The business has a fifty day simple moving average of $73.11 and a 200-day simple moving average of $74.27. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 43.49, a PEG ratio of 2.38 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The business 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 earned $1.04 earnings per share. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost 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 approximately $45,675,279. This represents a 0.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders purchased 6,950 shares of company stock worth $501,296 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Profile

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.