Advisors Asset Management Inc. Lowers Stock Holdings in Agree Realty Corporation $ADC

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. trimmed its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,521 shares of the real estate investment trust's stock after selling 4,951 shares during the period. Advisors Asset Management Inc.'s holdings in Agree Realty were worth $658,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 139 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after purchasing an additional 4,551 shares during the period. AE Wealth Management LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $358,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after purchasing an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Agree Realty by 77.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after buying an additional 49,282 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Down 0.9%

Shares of NYSE ADC traded down $0.63 on Friday, reaching $73.11. 790,499 shares of the company's stock traded hands, compared to its average volume of 914,160. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The business's 50 day simple moving average is $72.70 and its two-hundred day simple moving average is $74.31. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 43.52, a price-to-earnings-growth ratio of 2.46 and a beta of 0.56. 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 announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,100 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the purchase, the chief executive officer directly owned 635,160 shares of the company's stock, valued at $45,782,332.80. The trade was a 0.33% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the company's stock in a transaction dated Friday, September 5th. The shares were acquired at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director directly owned 27,684 shares in the company, 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 purchased 7,700 shares of company stock worth $555,926 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADC has been the subject of several research analyst reports. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. UBS Group raised their price objective 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. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Finally, Mizuho lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a report on Thursday. Nine 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.42.

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.