Agree Realty Corporation $ADC Shares Newly Acquired by Vise Technologies Inc.

Key Points

• Vise Technologies opened a new position in Agree Realty, acquiring 18,264 shares valued at about $1.22 million. Institutional investors and hedge funds collectively own 97.83% of the company’s stock.
• Agree Realty reported quarterly EPS of $1.15, above the $0.47 consensus estimate, while revenue rose 16.7% year over year to $213.88 million.
• The REIT raised its monthly dividend from $0.267 to $0.271 per share, equivalent to an annualized $3.25 and a 4.6% yield. Analysts’ consensus rating is “Moderate Buy,” with a $79.85 average price target.

Vise Technologies Inc. acquired a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,264 shares of the real estate investment trust's stock, valued at approximately $1,220,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Private Advisor Group LLC increased its position in Agree Realty by 5.0% during the 1st quarter. Private Advisor Group LLC now owns 3,070 shares of the real estate investment trust's stock worth $231,000 after purchasing an additional 145 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its position in Agree Realty by 1.1% during the first quarter. Azzad Asset Management Inc. ADV now owns 14,199 shares of the real estate investment trust's stock valued at $1,070,000 after buying an additional 154 shares in the last quarter. Integrated Investment Consultants LLC grew its stake in Agree Realty by 3.4% during the first quarter. Integrated Investment Consultants LLC now owns 5,771 shares of the real estate investment trust's stock worth $435,000 after buying an additional 192 shares during the period. Elevation Wealth Partners LLC grew its stake in Agree Realty by 172.2% during the third quarter. Elevation Wealth Partners LLC now owns 430 shares of the real estate investment trust's stock worth $29,000 after buying an additional 272 shares during the period. Finally, Westpac Banking Corp grew its stake in Agree Realty by 1.3% during the first quarter. Westpac Banking Corp now owns 21,333 shares of the real estate investment trust's stock worth $1,608,000 after buying an additional 283 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.7%

NYSE ADC opened at $69.99 on Friday. The stock has a market cap of $9.11 billion, a PE ratio of 36.08, a P/E/G ratio of 3.10 and a beta of 0.40. Agree Realty Corporation has a fifty-two week low of $64.34 and a fifty-two week high of $82.08. The business has a 50 day moving average price of $68.25 and a two-hundred day moving average price of $74.40. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.68. Agree Realty had a net margin of 29.75% and a return on equity of 4.00%. The company had revenue of $213.88 million for the quarter, compared to analyst estimates of $211.52 million. During the same quarter last year, the firm posted $1.10 earnings per share. The business's quarterly revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts predict that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.2710 per share. This represents a $3.25 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Agree Realty's previous monthly dividend of $0.2670. Agree Realty's dividend payout ratio (DPR) is 167.53%.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 7,360 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was bought at an average cost of $68.06 per share, with a total value of $500,921.60. Following the transaction, the chief executive officer directly owned 682,465 shares in the company, valued at approximately $46,448,567.90. This represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Craig Erlich acquired 1,000 shares of the firm's stock in a transaction on Monday, September 21st. The stock was purchased at an average cost of $67.55 per share, with a total value of $67,550.00. Following the completion of the transaction, the insider owned 60,388 shares in the company, valued at $4,079,209.40. The trade was a 1.68% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 48,496 shares of company stock valued at $3,418,670 in the last quarter. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Huntington initiated coverage on shares of Agree Realty in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 target price on the stock. Mizuho decreased their price target on shares of Agree Realty from $80.00 to $72.00 and set a "neutral" rating for the company in a research report on Thursday, September 17th. BNP Paribas Exane lowered their price target on Agree Realty from $84.00 to $74.00 and set a "neutral" rating for the company in a report on Wednesday, October 21st. Truist Financial started coverage on Agree Realty in a report on Thursday, October 1st. They issued a "buy" rating and a $75.00 price target for the company. Finally, Robert W. Baird cut their price objective on Agree Realty from $77.00 to $76.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $79.85.

About Agree Realty

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