Alliancebernstein L.P. Acquires 105,050 Shares of Agree Realty Corporation $ADC

Key Points

• Alliancebernstein L.P. has increased its ownership in Agree Realty Corporation by 69.2%, acquiring an additional 105,050 shares and bringing its total to 256,785 shares valued at approximately $19.8 million.
• Agree Realty reported a 12-month revenue growth of 15% and a quarterly EPS of $1.06, marginally exceeding analysts' expectations of $1.05.
• The company declared a dividend of $0.256 per share, with an expected payout ratio of 182.74%, indicating a potential concern regarding sustainability of dividends.

Alliancebernstein L.P. increased its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 69.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 256,785 shares of the real estate investment trust's stock after purchasing an additional 105,050 shares during the quarter. Alliancebernstein L.P. owned 0.23% of Agree Realty worth $19,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADC. Bank of America Corp DE lifted its holdings in shares of Agree Realty by 217.1% during the fourth quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock valued at $37,003,000 after purchasing an additional 359,605 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Agree Realty by 11.6% during the fourth quarter. Cetera Investment Advisers now owns 27,890 shares of the real estate investment trust's stock valued at $1,965,000 after purchasing an additional 2,899 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in Agree Realty by 6.3% in the fourth quarter. EP Wealth Advisors LLC now owns 4,150 shares of the real estate investment trust's stock valued at $292,000 after acquiring an additional 246 shares during the period. Ethic Inc. bought a new position in Agree Realty in the fourth quarter valued at about $221,000. Finally, Graham Capital Management L.P. lifted its holdings in Agree Realty by 97.9% in the fourth quarter. Graham Capital Management L.P. now owns 6,596 shares of the real estate investment trust's stock valued at $465,000 after acquiring an additional 3,263 shares during the period. 97.83% of the stock is owned by institutional investors.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the stock in a transaction dated Friday, September 5th. The stock was acquired at an average cost of $72.84 per share, with a total value of $54,630.00. Following the purchase, the director directly owned 27,684 shares of the company's stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joey Agree purchased 4,108 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average cost 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 in the company, valued at $45,675,279. The trade was a 0.65% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,700 shares of company stock valued at $555,926 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Agree Realty Stock Performance

NYSE:ADC opened at $71.93 on Thursday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The stock has a 50-day moving average price of $72.72 and a 200 day moving average price of $74.30. The stock has a market capitalization of $7.96 billion, a P/E ratio of 42.82, a P/E/G ratio of 2.42 and a beta of 0.56.

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 analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. During the same period in the previous year, the firm earned $1.04 EPS. The firm's 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. Equities research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.256 per share. This represents a yield of 430.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group increased their target price on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Wall Street Zen downgraded 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 report on Friday, August 8th. Barclays lowered their target price on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

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.

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