Walleye Capital LLC Buys 9,661 Shares of Agree Realty Corporation $ADC

Key Points

• Walleye Capital LLC increased its stake in Agree Realty Corporation by 183.5% in the first quarter, acquiring an additional 9,661 shares, bringing its total ownership to 14,925 shares valued at $1.15 million.
• CEO Joey Agree purchased 2,100 shares of the company at an average price of $72.08, increasing his total holdings to 635,160 shares worth approximately $45.78 million.
• Agree Realty recently announced a monthly dividend of $0.256 per share, which results in a 4.2% dividend yield for investors.

Walleye Capital LLC boosted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 183.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,925 shares of the real estate investment trust's stock after purchasing an additional 9,661 shares during the quarter. Walleye Capital LLC's holdings in Agree Realty were worth $1,152,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cullen Frost Bankers Inc. acquired a new stake in shares of Agree Realty during the first quarter worth about $27,000. SVB Wealth LLC acquired a new stake in shares of Agree Realty in the 1st quarter worth $33,000. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty in the fourth quarter valued at approximately $31,000. Capital Advisors Ltd. LLC grew its stake in shares of Agree Realty by 137.8% during the 1st 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. purchased a new stake in Agree Realty in the 1st quarter valued at approximately $39,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

ADC stock traded down $0.12 during trading on Thursday, hitting $71.78. The company had a trading volume of 298,909 shares, compared to its average volume of 1,170,853. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 42.71, a P/E/G ratio of 2.43 and a beta of 0.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The business has a 50 day moving average of $72.75 and a 200 day moving average of $74.27. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.256 dividend. The ex-dividend date is Friday, August 29th. This represents a c) dividend on an annualized basis and a yield of 4.3%. Agree Realty's payout ratio is 182.74%.

Insider Buying and Selling

In related news, CEO Joey Agree acquired 4,108 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average cost of $72.15 per share, with a total value of $296,392.20. Following the purchase, the chief executive officer owned 633,060 shares of the company's stock, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 6,950 shares of company stock worth $501,296 over the last 90 days. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a research note 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. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Barclays cut their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 20th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $80.50.

About Agree Realty

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.