Bank of America Corp DE Acquires 603,480 Shares of Agree Realty Corporation $ADC

Key Points

• Bank of America increased its Agree Realty stake by 65.4% in the first quarter, adding 603,480 shares and bringing its holdings to 1.53 million shares valued at approximately $115.1 million. Institutional investors collectively own 97.83% of ADC.
• Agree Realty insiders purchased 19,045 shares worth about $1.42 million over the past 90 days, including notable purchases by CEO Joey Agree and Director Greg Lehmkuhl.
• The REIT declared a monthly dividend of $0.267 per share, implying a roughly 4.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $83.94, above the reported $76.37 share price.

Bank of America Corp DE boosted its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 65.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,526,561 shares of the real estate investment trust's stock after buying an additional 603,480 shares during the quarter. Bank of America Corp DE owned approximately 1.27% of Agree Realty worth $115,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in ADC. Principal Financial Group Inc. increased its holdings in shares of Agree Realty by 80.8% in the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock worth $309,266,000 after purchasing an additional 1,918,427 shares during the period. Norges Bank purchased a new position in shares of Agree Realty in the fourth quarter worth about $116,114,000. Engineers Gate Manager LP grew its holdings in Agree Realty by 3,043.2% in the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust's stock worth $85,156,000 after acquiring an additional 1,144,617 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Agree Realty by 41.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust's stock worth $204,813,000 after buying an additional 826,719 shares during the period. Finally, Rush Island Management LP bought a new stake in shares of Agree Realty in the 1st quarter worth approximately $51,065,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl purchased 750 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $75.09 per share, with a total value of $56,317.50. Following the completion of the purchase, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joey Agree purchased 13,295 shares of Agree Realty stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the transaction, the chief executive officer directly owned 675,105 shares of the company's stock, valued at $50,909,668.05. The trade was a 2.01% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 19,045 shares of company stock worth $1,415,943. Insiders own 1.80% of the company's stock.

Agree Realty Trading Up 0.4%

Shares of Agree Realty stock opened at $76.37 on Friday. The company's fifty day simple moving average is $76.63 and its 200-day simple moving average is $76.63. Agree Realty Corporation has a 1-year low of $69.56 and a 1-year high of $82.08. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $9.50 billion, a PE ratio of 41.06, a P/E/G ratio of 2.49 and a beta of 0.47.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.48 by ($0.04). Agree Realty had a return on equity of 3.90% and a net margin of 28.84%.The company had revenue of $216.33 million during the quarter, compared to analysts' expectations of $204.53 million. During the same quarter in the previous year, the company earned $1.06 EPS. The business's quarterly revenue was up 16.8% compared to the same quarter last year. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. As a group, equities analysts anticipate that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $0.267 per share. This represents a c) annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, July 31st. Agree Realty's dividend payout ratio (DPR) is presently 172.04%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADC. Robert W. Baird set a $83.00 target price on Agree Realty in a research note on Friday, July 31st. Morgan Stanley set a $81.00 price objective on shares of Agree Realty in a report on Tuesday, April 21st. Royal Bank Of Canada upped their target price on Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Citigroup raised their target price on Agree Realty from $77.00 to $82.50 and gave the company a "neutral" rating in a research note on Friday, April 24th. Finally, Jefferies Financial Group started coverage on Agree Realty in a research report on Monday, June 1st. They issued a "buy" rating and a $84.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.94.

Agree Realty Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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