Adelante Capital Management LLC Buys 358,767 Shares of Agree Realty Corporation $ADC

Key Points

• Adelante Capital Management LLC significantly increased its investment in Agree Realty, acquiring an additional 358,767 shares, raising its holdings by 3,018.7% to a total of 370,652 shares.
• Insider trading reports indicate that CEO Joey Agree purchased 2,100 shares at an average price of $72.08, increasing his ownership stake in the company.
• Agree Realty recently declared a monthly dividend of $0.256, indicating an annual yield of 4.2%, despite a high payout ratio of 182.74%.

Adelante Capital Management LLC grew its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 3,018.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 370,652 shares of the real estate investment trust's stock after buying an additional 358,767 shares during the period. Agree Realty makes up 2.0% of Adelante Capital Management LLC's portfolio, making the stock its 17th biggest position. Adelante Capital Management LLC owned approximately 0.34% of Agree Realty worth $28,611,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Cullen Frost Bankers Inc. bought a new stake in shares of Agree Realty in the 1st quarter valued at about $27,000. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the fourth quarter valued at approximately $31,000. SVB Wealth LLC bought a new stake in Agree Realty in the first quarter valued at approximately $33,000. Capital Advisors Ltd. LLC raised its holdings in 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 worth $36,000 after purchasing an additional 270 shares during the period. Finally, NBC Securities Inc. acquired a new stake in Agree Realty in the first quarter worth $39,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADC shares. Barclays decreased their price target 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. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a report on Friday, July 11th. Mizuho cut their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.50.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the business's stock in a transaction dated Friday, September 5th. The stock was bought at an average price of $72.84 per share, with a total value of $54,630.00. Following the acquisition, the director owned 27,684 shares in the company, valued at $2,016,502.56. This represents a 2.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree bought 4,108 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the acquisition, the chief executive officer owned 633,060 shares of the company's stock, valued at $45,675,279. The trade was a 0.65% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 7,700 shares of company stock valued at $555,926 over the last three months. Insiders own 1.80% of the company's stock.

Agree Realty Stock Down 0.5%

NYSE:ADC traded down $0.38 during trading hours on Wednesday, reaching $71.93. 895,253 shares of the stock were exchanged, compared to its average volume of 893,332. 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 Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The stock has a market cap of $7.96 billion, a PE ratio of 17.26, a PEG ratio of 2.42 and a beta of 0.56. The firm has a 50 day moving average of $72.72 and a 200 day moving average of $74.30.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm's revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

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 given a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 430.0%. Agree Realty's payout ratio is currently 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.