Agree Realty Corporation $ADC Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Agree Realty Corporation by 72.1%, owning over 1 million shares, with a value of approximately $78.5 million as of its latest SEC filing.
• CEO Joey Agree purchased 2,100 shares at $72.08 each, increasing his ownership to over 635,000 shares, reflecting confidence in the company's potential.
• The company reported Q2 earnings of $1.06 EPS, beating estimates, and announced a monthly dividend of $0.256 per share, indicating a healthy return for investors.

Wellington Management Group LLP boosted its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 72.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,016,593 shares of the real estate investment trust's stock after buying an additional 425,748 shares during the period. Wellington Management Group LLP owned approximately 0.92% of Agree Realty worth $78,471,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ADC. Cullen Frost Bankers Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at approximately $27,000. Bernard Wealth Management Corp. bought a new position in Agree Realty during the fourth quarter valued at $31,000. Capital Advisors Ltd. LLC lifted its position in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Agree Realty in the 1st quarter worth $39,000. Finally, Larson Financial Group LLC increased its holdings in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock worth $42,000 after buying an additional 440 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADC has been the subject of a number of analyst reports. UBS Group increased their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Mizuho lowered their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Truist Financial set a $84.00 target price on Agree Realty in a research report on Friday, August 8th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.50.

Agree Realty Stock Down 0.4%

NYSE ADC traded down $0.32 on Tuesday, reaching $72.17. 1,447,155 shares of the stock traded hands, compared to its average volume of 1,181,658. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 2.38 and a beta of 0.55. The company has a fifty day moving average price of $73.09 and a 200-day moving average price of $74.28. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71.

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

Agree Realty Dividend Announcement

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

Insider Activity

In related news, CEO Joey Agree bought 4,108 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer directly owned 633,060 shares of the company's stock, valued at approximately $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders acquired 6,950 shares of company stock valued at $501,296. Company insiders own 1.80% of the company's stock.

Agree Realty 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.