Ascent Group LLC Acquires Shares of 31,862 Agree Realty Corporation $ADC

Key Points

• Ascent Group LLC has acquired 31,862 shares of Agree Realty Corporation, amounting to approximately $2,459,000.
• Agree Realty recently reported a quarterly earnings per share of $1.06, exceeding estimates and reflecting a 15.0% year-over-year revenue growth.
• The firm declared a monthly dividend of $0.256 per share, with a dividend yield of 4.2%, set to be paid on September 15th.

Ascent Group LLC bought a new position in Agree Realty Corporation (NYSE:ADC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 31,862 shares of the real estate investment trust's stock, valued at approximately $2,459,000.

A number of other institutional investors have also recently made changes to their positions in ADC. Sequoia Financial Advisors LLC raised its holdings 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 worth $365,000 after acquiring an additional 139 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Agree Realty by 61.2% during the first 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 stake in shares of Agree Realty during the first quarter valued at $358,000. Oppenheimer Asset Management Inc. increased its holdings in Agree Realty by 10.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after buying an additional 1,941 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position 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 buying an additional 49,282 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

NYSE ADC opened at $73.0650 on Friday. The stock has a market capitalization of $8.09 billion, a PE ratio of 43.49, a P/E/G ratio of 2.38 and a beta of 0.55. The business has a 50 day simple moving average of $73.11 and a two-hundred day simple moving average of $74.27. 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.

Agree Realty (NYSE:ADC - Get Free Report) last released its 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 firm 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 company posted $1.04 EPS. The company's revenue for the quarter 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 fiscal year.

Agree Realty Dividend Announcement

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 given a dividend of $0.256 per share. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, August 29th. Agree Realty's payout ratio is 182.74%.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 4,108 shares of Agree Realty stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the acquisition, the chief executive officer owned 633,060 shares in the company, valued at $45,675,279. This represents a 0.65% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders purchased a total of 6,950 shares of company stock worth $501,296 over the last quarter. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

ADC has been the subject of a number of research analyst reports. Barclays reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday. Truist Financial set a $84.00 target price on shares of Agree Realty in a report on Friday, August 8th. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research note on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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