Alliancebernstein L.P. Buys 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. grew its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 69.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 256,785 shares of the real estate investment trust's stock after purchasing an additional 105,050 shares during the period. Alliancebernstein L.P. owned approximately 0.23% of Agree Realty worth $19,821,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADC. Sequoia Financial Advisors LLC grew its position in Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after acquiring an additional 139 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Agree Realty by 61.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after purchasing an additional 4,551 shares in the last quarter. AE Wealth Management LLC purchased a new position in Agree Realty in the 1st quarter worth $358,000. Oppenheimer Asset Management Inc. boosted its holdings in Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after acquiring an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its stake in Agree Realty by 77.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after purchasing an additional 49,282 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl purchased 750 shares of the business's stock in a transaction on Friday, September 5th. The stock was acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director directly owned 27,684 shares in the company, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joey Agree purchased 2,100 shares of Agree Realty stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $72.08 per share, with a total value of $151,368.00. Following the transaction, the chief executive officer directly owned 635,160 shares in the company, valued at approximately $45,782,332.80. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 7,700 shares of company stock valued at $555,926 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Mizuho cut their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, September 11th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Barclays reduced 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. Truist Financial set a $84.00 target price on shares of Agree Realty in a report on Friday, August 8th. Finally, Evercore ISI increased their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday. 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 currently has an average rating of "Moderate Buy" and an average price target of $80.58.

Agree Realty Stock Performance

NYSE:ADC traded down $0.96 during mid-day trading on Tuesday, reaching $72.00. The company's stock had a trading volume of 1,377,026 shares, compared to its average volume of 865,053. The firm's fifty day moving average price is $72.73 and its two-hundred day moving average price is $74.29. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock has a market cap of $7.97 billion, a P/E ratio of 42.86, a PEG ratio of 2.44 and a beta of 0.56. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.

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 for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period in the previous year, the company earned $1.04 earnings per share. The firm's quarterly revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities 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. Stockholders of record on Tuesday, September 30th will be paid a $0.256 dividend. This represents a dividend yield of 430.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's dividend payout ratio (DPR) 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.