Bayforest Capital Ltd Takes Position in Agree Realty Corporation $ADC

Key Points

• Bayforest Capital Ltd has acquired a new position in Agree Realty Corporation, purchasing 3,491 shares valued at approximately $269,000.
• Several hedge funds have significantly increased their stakes in Agree Realty, with Millennium Management LLC growing its stake by an impressive 1,036.9% during the last quarter.
• Research analysts have varied outlooks on Agree Realty, with UBS Group raising its price target to $82.00 while Morgan Stanley downgraded the stock from "overweight" to "equal weight".

Bayforest Capital Ltd purchased a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,491 shares of the real estate investment trust's stock, valued at approximately $269,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares during the period. Janney Montgomery Scott LLC increased its position 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 buying an additional 4,551 shares during the period. AE Wealth Management LLC bought a new stake in shares of Agree Realty during the first quarter valued at about $358,000. Oppenheimer Asset Management Inc. increased its position in shares of Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after buying an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Agree Realty by 77.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after buying an additional 49,282 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently 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. Morgan Stanley cut shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research report on Friday, July 11th. UBS Group upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Finally, Evercore ISI upped their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.58.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the company's stock in a transaction dated Friday, September 5th. The stock was purchased at an average price of $72.84 per share, with a total value of $54,630.00. Following the completion of the purchase, the director owned 27,684 shares in the company, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joey Agree acquired 2,100 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $72.08 per share, with a total value of $151,368.00. Following the purchase, the chief executive officer owned 635,160 shares of the company's stock, valued at approximately $45,782,332.80. This trade represents a 0.33% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 7,700 shares of company stock valued at $555,926. 1.80% of the stock is owned by insiders.

Agree Realty Price Performance

ADC traded up $0.41 during midday trading on Wednesday, hitting $72.47. The stock had a trading volume of 91,353 shares, compared to its average volume of 1,158,486. The company has a market cap of $8.02 billion, a P/E ratio of 43.12, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The business has a fifty day moving average of $72.73 and a 200 day moving average of $74.29. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current 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 issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.Agree Realty's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's dividend payout ratio is currently 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.