Agree Realty Corporation $ADC Shares Acquired by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Agree Realty by 4.9% in the fourth quarter, buying 117,346 additional shares and bringing its total holding to 2,509,922 shares valued at about $180.8 million.
• Agree Realty reported better-than-expected quarterly results, posting EPS of $0.50 versus the $0.47 estimate and revenue of $211.49 million, while raising FY 2026 EPS guidance to $4.54-$4.58.
• The company declared a quarterly dividend of $0.267 per share, payable June 12, representing a 1.5% annualized yield, while analysts currently rate the stock Moderate Buy with an average price target of $83.80.

Geode Capital Management LLC increased its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,509,922 shares of the real estate investment trust's stock after buying an additional 117,346 shares during the quarter. Geode Capital Management LLC owned about 2.18% of Agree Realty worth $180,823,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Centersquare Investment Management LLC lifted its holdings in shares of Agree Realty by 1.8% in 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 buying an additional 51,269 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 65.6% in 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 buying an additional 799,185 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Agree Realty by 7.9% in 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 buying an additional 25,236 shares during the period. Azzad Asset Management Inc. ADV acquired a new stake in shares of Agree Realty in the third quarter valued at $971,000. Finally, Vanguard Group Inc. lifted 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 purchasing an additional 84,568 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Down 0.8%

Shares of Agree Realty stock opened at $72.07 on Thursday. The stock has a 50-day moving average price of $76.05 and a 200 day moving average price of $75.26. The company has a market cap of $8.66 billion, a P/E ratio of 38.96, a P/E/G ratio of 2.45 and a beta of 0.48. 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.

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

Agree Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a $0.267 dividend. This represents a $1.07 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, May 29th. Agree Realty's dividend payout ratio is presently 172.97%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several analyst reports. BMO Capital Markets downgraded Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 target price for the company. in a report on Friday, April 17th. Barclays reduced their target price on Agree Realty from $86.00 to $84.00 and set an "equal weight" rating for the company in a report on Tuesday, May 19th. Royal Bank Of Canada upped their target price on Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. Jefferies Financial Group initiated coverage on Agree Realty in a report on Monday. They set a "buy" rating and a $84.00 target price for the company. Finally, UBS Group upped their target price on Agree Realty from $82.00 to $91.00 and gave the company a "buy" rating in a report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.80.

Insider Activity

In other news, CEO Joey Agree purchased 13,295 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the purchase, the chief executive officer owned 675,105 shares in the company, valued at $50,909,668.05. This represents a 2.01% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $75.09 per share, with a total value of $56,317.50. Following the purchase, the director owned 34,465 shares in the company, valued at $2,587,976.85. This represents a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 14,191 shares of company stock worth $1,069,944. Insiders own 1.80% of the company's stock.

About Agree Realty

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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