Allspring Global Investments Holdings LLC Decreases Stock Holdings in Agree Realty Corporation $ADC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Agree Realty Corporation by 45.6% during the second quarter, now holding 429,222 shares valued at $31.26 million.
• Despite Allspring's reduction, several hedge funds, including Vanguard and JPMorgan Chase, increased their positions in Agree Realty, highlighting continued interest from institutional investors.
• Agree Realty recently declared a monthly dividend of $0.262, which represents an increase from the previous dividend rate, signaling potential shareholder confidence amid strong earnings.

Allspring Global Investments Holdings LLC trimmed its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 45.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 429,222 shares of the real estate investment trust's stock after selling 359,530 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.39% of Agree Realty worth $31,256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Agree Realty by 2.5% in the first quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust's stock worth $1,151,183,000 after buying an additional 363,681 shares during the period. Centersquare Investment Management LLC increased its stake in shares of Agree Realty by 10.7% in the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock worth $187,723,000 after buying an additional 234,641 shares during the period. JPMorgan Chase & Co. increased its position in Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after purchasing an additional 353,884 shares during the period. Charles Schwab Investment Management Inc. increased its position in Agree Realty by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust's stock valued at $130,860,000 after purchasing an additional 49,645 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Agree Realty by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust's stock valued at $122,049,000 after purchasing an additional 31,030 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Greg Lehmkuhl purchased 750 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were bought at an average price 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 approximately $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 can be accessed through this link. Also, insider Craig Erlich purchased 360 shares of the company's stock in a transaction that occurred on Friday, October 3rd. The stock was purchased at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider owned 52,846 shares in the company, valued at $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 36,742 shares of company stock worth $2,601,704. 1.80% of the stock is currently owned by company insiders.

Agree Realty Stock Performance

Shares of ADC stock opened at $73.79 on Thursday. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The stock has a market cap of $8.17 billion, a PE ratio of 43.92, a price-to-earnings-growth ratio of 2.38 and a beta of 0.55. 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 company's fifty day moving average price is $72.14 and its 200-day moving average price is $73.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. Agree Realty's revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, October 31st. This is a positive change from Agree Realty's previous monthly dividend of $0.26. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Evercore ISI boosted their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, September 15th. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research report on Friday, July 11th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. Finally, Barclays reduced their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 20th. Eight research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.63.

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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