American Century Companies Inc. Sells 143,017 Shares of Agree Realty Corporation $ADC

Key Points

• American Century Companies Inc. reduced its holdings in Agree Realty Corporation by 7.6%, selling 143,017 shares, while still owning approximately 1.59% of the company valued at $135.16 million.
• Analysts have mixed views on Agree Realty, with one downgrade to "sell" and numerous price target changes, with the current average target price at $80.61.
• The company's CEO, Joey Agree, purchased 4,108 shares at an average price of $72.15, increasing his ownership stake to about 633,060 shares valued at approximately $45.68 million.

American Century Companies Inc. lessened its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 7.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,751,030 shares of the real estate investment trust's stock after selling 143,017 shares during the period. American Century Companies Inc. owned 1.59% of Agree Realty worth $135,162,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ADC. Bank of Montreal Can increased its holdings in Agree Realty by 43.0% in the 4th quarter. Bank of Montreal Can now owns 17,986 shares of the real estate investment trust's stock worth $1,267,000 after purchasing an additional 5,407 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Agree Realty during the 4th quarter valued at about $2,536,000. Sterling Capital Management LLC boosted its holdings in Agree Realty by 58.8% in the fourth quarter. Sterling Capital Management LLC now owns 7,002 shares of the real estate investment trust's stock worth $493,000 after acquiring an additional 2,594 shares in the last quarter. Mariner LLC boosted its holdings in Agree Realty by 8.3% in the fourth quarter. Mariner LLC now owns 16,350 shares of the real estate investment trust's stock worth $1,152,000 after acquiring an additional 1,260 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in Agree Realty in the fourth quarter worth approximately $371,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Trading Up 0.1%

Shares of ADC traded up $0.0430 during trading hours on Thursday, hitting $73.9330. The company had a trading volume of 499,778 shares, compared to its average volume of 1,185,141. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The firm has a market cap of $8.18 billion, a P/E ratio of 44.01, a P/E/G ratio of 2.39 and a beta of 0.55. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock's 50 day moving average price is $73.15 and its 200 day moving average price is $74.25.

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, beating 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 the consensus estimate of $173.95 million. During the same quarter in the previous year, the business earned $1.04 EPS. Agree Realty'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. On average, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders 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) dividend on an annualized basis and a dividend yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree bought 4,108 shares of Agree Realty stock in a transaction on Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the acquisition, the chief executive officer owned 633,060 shares of the company's stock, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders purchased 6,950 shares of company stock worth $501,296. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADC has been the topic of several recent research reports. Morgan Stanley lowered 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. Evercore ISI raised their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Barclays dropped their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday. Mizuho dropped their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Stifel Nicolaus lifted their price objective on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $80.50.

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.