BROOKFIELD Corp ON Has $8.77 Million Stock Position in Agree Realty Corporation $ADC

Key Points

• BROOKFIELD Corp ON reduced its position in Agree Realty Corporation by 66.9%, holding approximately $8.77 million worth of shares after selling a significant portion.
• Agree Realty's quarterly earnings showed an EPS of $1.06, exceeding analysts' expectations, with revenues increasing 15% year-over-year.
• The company declared a dividend of $0.256 per share, with a dividend yield of 430.0% and a payout ratio of 182.74%.

BROOKFIELD Corp ON trimmed its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 66.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,606 shares of the real estate investment trust's stock after selling 229,407 shares during the quarter. BROOKFIELD Corp ON owned approximately 0.10% of Agree Realty worth $8,769,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Agree Realty by 2.5% in the first quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust's stock worth $1,151,183,000 after purchasing an additional 363,681 shares during the period. Centersquare Investment Management LLC increased its position in Agree Realty by 10.7% in the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock worth $187,723,000 after purchasing an additional 234,641 shares during the period. JPMorgan Chase & Co. increased its position in Agree Realty by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock worth $180,487,000 after purchasing an additional 353,884 shares during the period. Charles Schwab Investment Management Inc. increased its position in Agree Realty by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust's stock worth $130,860,000 after purchasing an additional 49,645 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Agree Realty by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust's stock worth $122,049,000 after purchasing an additional 31,030 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 2.4%

NYSE ADC opened at $73.71 on Friday. The firm has a market cap of $8.16 billion, a P/E ratio of 43.88, a P/E/G ratio of 2.40 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The stock's 50-day moving average is $72.71 and its 200-day moving average is $74.31. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates 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 revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Mizuho cut their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday. Barclays decreased their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. Finally, Wall Street Zen downgraded 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 given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $80.42.

Insider Transactions at Agree Realty

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

Agree Realty Company 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.

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