Agree Realty Corporation $ADC Shares Purchased by Bahl & Gaynor Inc.

Key Points

• Bahl & Gaynor Inc. increased its holdings in Agree Realty Corporation by 16.6% in Q1, owning 549,225 shares valued at approximately $42.4 million.
• CEO Joey Agree purchased 4,108 shares at $72.15 each, increasing his personal shareholdings to 633,060 shares valued at about $45.7 million.
• Agree Realty recently declared a monthly dividend of $0.256 per share, which corresponds to an annualized yield of 4.2%.

Bahl & Gaynor Inc. increased its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 549,225 shares of the real estate investment trust's stock after purchasing an additional 78,205 shares during the period. Bahl & Gaynor Inc. owned 0.50% of Agree Realty worth $42,395,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in Agree Realty during the first quarter worth about $27,000. Bernard Wealth Management Corp. purchased a new position in Agree Realty in the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC lifted its stake in Agree Realty by 137.8% in 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 in the last quarter. NBC Securities Inc. acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $39,000. Finally, Larson Financial Group LLC grew its position in shares of Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Buying and Selling

In related news, CEO Joey Agree bought 4,108 shares of the stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the acquisition, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. This represents a 0.65% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased 6,950 shares of company stock valued at $501,296 in the last 90 days. Corporate insiders own 1.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ADC shares. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Barclays cut their target price on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 20th. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Finally, Morgan Stanley cut 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 report on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.50.

Agree Realty Trading Down 0.4%

NYSE ADC traded down $0.32 during trading on Tuesday, hitting $72.17. The stock had a trading volume of 1,447,155 shares, compared to its average volume of 958,233. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The firm has a 50 day moving average price of $73.04 and a 200 day moving average price of $74.26. The company has a market capitalization of $7.99 billion, a PE ratio of 17.30, a PEG ratio of 2.42 and a beta of 0.55. 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 posted its quarterly 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. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The company'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, equities research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

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

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.