Russell Investments Group Ltd. Boosts Holdings in Agree Realty Corporation (NYSE:ADC)

Key Points

• Russell Investments Group Ltd. increased its stake in Agree Realty Corporation by 21.8% during the first quarter, holding approximately 1.16% of the company, valued at $98.5 million.
• Wall Street analysts have raised their price targets for Agree Realty, with a consensus average target of $80.61 and ratings ranging from "hold" to "strong buy."
• Agree Realty recently announced a monthly dividend of $0.256, translating to an annualized dividend yield of 4.2%, with a payout ratio of 182.74%.

Russell Investments Group Ltd. grew its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,276,096 shares of the real estate investment trust's stock after purchasing an additional 228,611 shares during the period. Russell Investments Group Ltd. owned about 1.16% of Agree Realty worth $98,502,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADC. Envestnet Asset Management Inc. increased its holdings in shares of Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock worth $21,258,000 after buying an additional 10,446 shares during the period. Cerity Partners LLC increased its holdings in shares of Agree Realty by 6.1% in the fourth quarter. Cerity Partners LLC now owns 38,586 shares of the real estate investment trust's stock worth $2,853,000 after buying an additional 2,215 shares during the period. Bank of Montreal Can increased its holdings in shares of Agree Realty by 43.0% in the fourth quarter. Bank of Montreal Can now owns 17,986 shares of the real estate investment trust's stock worth $1,267,000 after buying an additional 5,407 shares during the period. Bank of Nova Scotia increased its holdings in shares of Agree Realty by 39.5% in the fourth quarter. Bank of Nova Scotia now owns 13,365 shares of the real estate investment trust's stock worth $942,000 after buying an additional 3,784 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Agree Realty in the fourth quarter worth about $2,536,000. Institutional investors own 97.83% of the company's stock.

Insider Buying and Selling at Agree Realty

In related news, CEO Joey Agree bought 4,108 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average price of $72.15 per share, with a total value 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 purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADC. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a report on Friday, July 11th. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Mizuho reduced their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Robert W. Baird boosted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, UBS Group boosted their price target on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $80.61.

Agree Realty Stock Up 0.7%

ADC stock traded up $0.48 during trading on Friday, hitting $72.64. 1,114,159 shares of the company's stock traded hands, compared to its average volume of 1,077,836. The firm has a market capitalization of $8.04 billion, a P/E ratio of 43.24, a PEG ratio of 2.36 and a beta of 0.55. The business has a fifty day simple moving average of $73.24 and a two-hundred day simple moving average of $74.25. 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 Corporation has a 1 year low of $67.58 and a 1 year 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 (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 earnings per share. Sell-side analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given 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 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Agree Realty Company 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.