Alyeska Investment Group L.P. Acquires 99,155 Shares of Agree Realty Corporation $ADC

Key Points

• Alyeska Investment Group L.P. increased its stake in Agree Realty Corporation by 9.3%, acquiring an additional 99,155 shares during the first quarter, bringing its total ownership to approximately 1.06% valued at $90.32 million.
• Insider transactions reveal that CEO Joey Agree purchased 2,100 shares at $72.08 each, increasing his ownership to 635,160 shares valued at about $45.78 million.
• Agree Realty recently declared a monthly dividend of $0.256 per share, representing an annual yield of 4.3%, with a high dividend payout ratio of 182.74%.

Alyeska Investment Group L.P. increased its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 9.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,170,106 shares of the real estate investment trust's stock after purchasing an additional 99,155 shares during the quarter. Alyeska Investment Group L.P. owned 1.06% of Agree Realty worth $90,320,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. GF Fund Management CO. LTD. raised its stake in Agree Realty by 7.2% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after acquiring an additional 132 shares during the period. Sequoia Financial Advisors LLC raised its stake in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares during the period. Azzad Asset Management Inc. ADV raised its stake in Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after acquiring an additional 187 shares during the period. Journey Strategic Wealth LLC raised its stake in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after acquiring an additional 229 shares during the period. Finally, Evergreen Capital Management LLC raised its stake in Agree Realty by 5.5% in the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 232 shares during the period. 97.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on ADC shares. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Mizuho decreased their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Morgan Stanley cut 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. Finally, Truist Financial set a $84.00 target price on Agree Realty in a report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus price target of $80.50.

Agree Realty Stock Up 1.4%

Shares of NYSE:ADC traded up $0.99 during trading on Friday, reaching $72.99. 828,151 shares of the stock were exchanged, compared to its average volume of 875,473. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The stock has a fifty day moving average of $72.74 and a two-hundred day moving average of $74.31. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share 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 analyst estimates of $173.95 million. During the same period in the prior year, the firm earned $1.04 earnings per share. Agree Realty's revenue for the quarter was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.256 per share. The ex-dividend date is Friday, August 29th. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree purchased 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the completion of the acquisition, the chief executive officer owned 635,160 shares of the company's stock, valued at $45,782,332.80. This represents a 0.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 6,950 shares of company stock worth $501,296 in the last ninety days. Corporate insiders own 1.80% of the company's stock.

About Agree Realty

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.