Agree Realty Corporation $ADC Shares Sold by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. reduced its holdings in Agree Realty Corporation by 36.8%, selling 4,951 shares during the first quarter, leaving them with 8,521 shares valued at $658,000.
• Several hedge funds increased their stakes in Agree Realty, with stakeholders like GF Fund Management CO. LTD. raising their ownership by 7.2% during the same period.
• The company's recent earnings report showed EPS of $1.06, beating expectations, and a revenue increase of 15% year-over-year, with a price target consensus of $80.50 from analysts.

Advisors Asset Management Inc. cut its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 36.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,521 shares of the real estate investment trust's stock after selling 4,951 shares during the quarter. Advisors Asset Management Inc.'s holdings in Agree Realty were worth $658,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADC. Cullen Frost Bankers Inc. acquired a new stake in Agree Realty in the 1st quarter valued at $27,000. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the fourth quarter worth $31,000. SVB Wealth LLC acquired a new position in Agree Realty during the first quarter worth $33,000. Capital Advisors Ltd. LLC grew its position in shares of Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Agree Realty during the first quarter worth about $39,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree bought 4,108 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the transaction, the chief executive officer directly owned 633,060 shares of the company's stock, valued at $45,675,279. This represents a 0.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the company's stock in a transaction on Friday, September 5th. The shares were bought at an average price of $72.84 per share, with a total value of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares of the company's stock, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 7,700 shares of company stock worth $555,926 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on ADC. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research report on Friday, July 11th. Mizuho decreased their target price on Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Truist Financial set a $84.00 price objective on Agree Realty in a report on Friday, August 8th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.58.

Agree Realty Trading Down 1.3%

Shares of ADC stock traded down $0.96 during trading on Tuesday, hitting $72.00. 1,377,026 shares of the stock traded hands, compared to its average volume of 865,053. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The firm has a market capitalization of $7.97 billion, a P/E ratio of 42.86, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The firm's fifty day moving average price is $72.73 and its 200-day moving average price is $74.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71.

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 (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same quarter last year, the firm earned $1.04 earnings per share. The firm's quarterly revenue 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. As a group, research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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

Agree Realty Company 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.