Agree Realty Corporation $ADC Stock Sold by Redmond Asset Management LLC

Key Points

• Redmond Asset Management cut its Agree Realty stake by 69.4% in the third quarter, selling 16,100 shares and retaining 7,108 shares valued at approximately $475,000. Institutional investors collectively own 97.83% of ADC.
• Agree Realty reported quarterly EPS of $1.15, well above the $0.47 consensus estimate, while revenue rose 16.7% year over year to $213.88 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $79.85. The REIT also raised its monthly dividend to $0.271 per share, equivalent to an annualized yield of about 4.8%.

Redmond Asset Management LLC lessened its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 69.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,108 shares of the real estate investment trust's stock after selling 16,100 shares during the quarter. Redmond Asset Management LLC's holdings in Agree Realty were worth $475,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. North Dakota State Investment Board boosted its stake in shares of Agree Realty by 8.9% during the 3rd quarter. North Dakota State Investment Board now owns 3,663 shares of the real estate investment trust's stock valued at $245,000 after purchasing an additional 300 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in Agree Realty by 9.6% in the third quarter. Asset Management One Co. Ltd. now owns 220,629 shares of the real estate investment trust's stock worth $14,740,000 after buying an additional 19,252 shares during the period. Signaturefd LLC lifted its holdings in Agree Realty by 3.0% in the third quarter. Signaturefd LLC now owns 13,371 shares of the real estate investment trust's stock worth $893,000 after buying an additional 389 shares during the period. James Investment Research Inc. grew its holdings in shares of Agree Realty by 41.4% during the 3rd quarter. James Investment Research Inc. now owns 18,821 shares of the real estate investment trust's stock worth $1,257,000 after acquiring an additional 5,511 shares during the period. Finally, Inspire Investing LLC raised its position in shares of Agree Realty by 15.4% in the 3rd quarter. Inspire Investing LLC now owns 6,848 shares of the real estate investment trust's stock worth $458,000 after acquiring an additional 916 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Transactions at Agree Realty

In other news, insider Craig Erlich bought 1,000 shares of the company's stock in a transaction dated Monday, September 21st. The shares were purchased at an average price of $67.55 per share, for a total transaction of $67,550.00. Following the completion of the purchase, the insider owned 60,388 shares in the company, valued at approximately $4,079,209.40. This represents a 1.68% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. purchased 20,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average price of $68.78 per share, for a total transaction of $1,375,600.00. Following the acquisition, the director owned 654,602 shares of the company's stock, valued at approximately $45,023,525.56. The trade was a 3.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have bought 48,496 shares of company stock worth $3,418,670. Corporate insiders own 1.80% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on ADC. BNP Paribas Exane decreased their price objective on Agree Realty from $84.00 to $74.00 and set a "neutral" rating for the company in a report on Wednesday, October 21st. Barclays reduced their target price on shares of Agree Realty from $85.00 to $76.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 20th. 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 price target for the company. Wells Fargo & Company lowered their price target on shares of Agree Realty from $83.00 to $79.00 and set an "overweight" rating for the company in a research report on Monday, October 19th. Finally, Truist Financial initiated coverage on shares of Agree Realty in a research report on Thursday, October 1st. They set a "buy" rating and a $75.00 price target for the company. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $79.85.

Agree Realty Trading Up 2.0%

NYSE ADC opened at $67.54 on Friday. Agree Realty Corporation has a 12 month low of $64.34 and a 12 month high of $82.08. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.55. The stock's fifty day moving average price is $68.84 and its 200-day moving average price is $74.50. The stock has a market cap of $8.79 billion, a P/E ratio of 14.59, a P/E/G ratio of 2.94 and a beta of 0.42.

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

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be issued a $0.2710 dividend. This represents a $3.25 annualized dividend and a yield of 4.8%. This is a boost from Agree Realty's previous monthly dividend of $0.2670. The ex-dividend date of this dividend is Friday, October 30th. Agree Realty's dividend payout ratio is presently 164.95%.

Agree Realty Company Profile

Agree Realty Corporation is a real estate investment trust (REIT) that acquires, develops, and manages retail properties across the United States. The company primarily uses a net-lease structure, under which tenants generally are responsible for property-level operating expenses such as taxes, insurance, and maintenance.

Its portfolio is focused mainly on essential retail properties occupied by nationally recognized and regional tenants, including grocery stores, home improvement retailers, dollar stores, pharmacies, and other necessity-based businesses.

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