Boothbay Fund Management LLC Grows Position in Agree Realty Corporation $ADC

Key Points

• Boothbay Fund Management LLC increased its stake in Agree Realty Corporation by 66.7%, acquiring an additional 57,505 shares, bringing its total to 143,693 shares, valued at approximately $11.1 million.
• Recent research reports show mixed ratings for Agree Realty, with UBS raising its price target to $82.00 while other firms, like Morgan Stanley and Mizuho, have downgraded their ratings.
• Agree Realty has announced a monthly dividend of $0.256 per share, set to be paid on September 15th, representing an annualized dividend yield of 4.3%.

Boothbay Fund Management LLC grew its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 66.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 143,693 shares of the real estate investment trust's stock after acquiring an additional 57,505 shares during the quarter. Boothbay Fund Management LLC owned 0.13% of Agree Realty worth $11,092,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ADC. Cullen Frost Bankers Inc. acquired a new stake in Agree Realty in the 1st quarter worth approximately $27,000. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the 4th quarter valued at approximately $31,000. SVB Wealth LLC purchased a new position in shares of Agree Realty in the first quarter worth $33,000. Capital Advisors Ltd. LLC lifted its stake in shares of Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares during the period. Finally, NBC Securities Inc. acquired a new stake in shares of Agree Realty during the first quarter worth $39,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Price Performance

Shares of NYSE:ADC traded down $0.48 during trading on Monday, reaching $72.57. 858,787 shares of the company's stock traded hands, compared to its average volume of 1,169,933. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a 50-day simple moving average of $72.74 and a 200-day simple moving average of $74.33. The firm has a market cap of $8.03 billion, a PE ratio of 43.19, a P/E/G ratio of 2.44 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $175.53 million for 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed 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. 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 is currently 182.74%.

Insider Buying and Selling at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the firm's stock in a transaction on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, with a total value of $54,630.00. Following the completion of the acquisition, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joey Agree purchased 4,108 shares of Agree Realty stock in a transaction that occurred on Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the transaction, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 7,700 shares of company stock worth $555,926. Insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

ADC has been the topic of several research reports. Truist Financial set a $84.00 target price on Agree Realty in a research report on Friday, August 8th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Mizuho decreased their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Barclays cut their price target on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Finally, Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research report 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.50.

Agree Realty Profile

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.