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

A number of other hedge funds also recently added to or reduced their stakes in ADC. GF Fund Management CO. LTD. increased its holdings in Agree Realty by 7.2% in the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after buying an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares during the period. Azzad Asset Management Inc. ADV raised its position in shares of Agree Realty by 2.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock worth $531,000 after purchasing an additional 187 shares during the last quarter. Journey Strategic Wealth LLC raised its holdings in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after acquiring an additional 229 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its stake in shares of Agree Realty by 5.5% during the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after buying an additional 232 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADC. Evercore ISI boosted their price target on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 20th. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a research report on Friday, July 11th. Truist Financial set a $84.00 target price on shares of Agree Realty in a research note on Friday, August 8th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.58.

Insiders Place Their Bets

In related news, 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 completion of the transaction, the chief executive officer directly owned 635,160 shares of the company's stock, valued at $45,782,332.80. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Greg Lehmkuhl acquired 750 shares of the company's stock in a transaction dated Friday, September 5th. The stock was bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, the director directly owned 27,684 shares of the company's stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 7,700 shares of company stock valued at $555,926. Corporate insiders own 1.80% of the company's stock.

Agree Realty Trading Down 0.2%

Shares of ADC traded down $0.18 on Monday, reaching $72.92. 805,186 shares of the company's stock were exchanged, compared to its average volume of 1,163,443. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $8.07 billion, a P/E ratio of 43.41, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The business has a 50 day moving average price of $72.70 and a two-hundred day moving average price of $74.32. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month 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 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the firm earned $1.04 earnings per share. The business's quarterly revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently declared 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 is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's dividend payout ratio (DPR) 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.