Aptus Capital Advisors LLC Increases Holdings in Agree Realty Corporation $ADC

Key Points

• Aptus Capital Advisors LLC increased its stake in Agree Realty Corporation by 12.7%, acquiring an additional 8,130 shares to hold a total of 72,131 shares, valued at approximately $5.57 million.
• CEO Joey Agree purchased 4,108 shares at an average price of $72.15, increasing his ownership to 633,060 shares worth about $45.68 million.
• Agree Realty recently announced a monthly dividend of $0.256 per share, representing an annualized yield of 4.2%, with a payout ratio of 182.74%.

Aptus Capital Advisors LLC lifted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 72,131 shares of the real estate investment trust's stock after acquiring an additional 8,130 shares during the quarter. Aptus Capital Advisors LLC owned approximately 0.07% of Agree Realty worth $5,568,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADC. Northern Trust Corp boosted its stake in Agree Realty by 1.5% in the 1st quarter. Northern Trust Corp now owns 1,546,582 shares of the real estate investment trust's stock worth $119,381,000 after purchasing an additional 23,302 shares during the period. Ethos Financial Group LLC bought a new position in Agree Realty in the 1st quarter worth approximately $506,000. Raymond James Financial Inc. boosted its stake in Agree Realty by 1.4% in the 1st quarter. Raymond James Financial Inc. now owns 1,459,633 shares of the real estate investment trust's stock worth $112,669,000 after purchasing an additional 20,575 shares during the period. Ethic Inc. boosted its stake in Agree Realty by 182.1% in the 1st quarter. Ethic Inc. now owns 8,850 shares of the real estate investment trust's stock worth $680,000 after purchasing an additional 5,713 shares during the period. Finally, Element Capital Management LLC bought a new position in Agree Realty in the 1st quarter worth approximately $2,776,000. 97.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree bought 2,100 shares of Agree Realty stock in a transaction on Thursday, August 14th. The shares were acquired at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the completion of the purchase, the chief executive officer directly owned 635,160 shares in the company, valued at approximately $45,782,332.80. This trade represents a 0.33% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 6,950 shares of company stock valued at $501,296 in the last 90 days. Company insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADC. Barclays dropped their price target 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 target 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. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Finally, Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and an average target price of $80.50.

Agree Realty Trading Down 1.3%

NYSE:ADC traded down $0.9750 during midday trading on Friday, hitting $73.0650. 701,347 shares of the company traded hands, compared to its average volume of 1,010,635. The firm's fifty day moving average is $73.11 and its 200-day moving average is $74.27. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The firm has a market capitalization of $8.09 billion, a P/E ratio of 43.49, a P/E/G 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.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results 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 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 quarter in the prior year, the firm posted $1.04 EPS. Agree Realty's quarterly 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, sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.256 dividend. The ex-dividend date is Friday, August 29th. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

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.