Canada Pension Plan Investment Board Acquires Shares of 1,221,720 Agree Realty Corporation $ADC

Key Points

• Canada Pension Plan Investment Board acquired 1,221,720 Agree Realty shares worth approximately $92.5 million, representing about 0.98% of the REIT. Institutional investors collectively own 97.83% of the company.
• Analysts maintain a generally positive view, with Agree Realty receiving a “Moderate Buy” consensus rating and an average price target of $83.94, compared with a recent share price of $73.79.
• Agree Realty reported quarterly revenue growth of 16.8% year over year to $216.33 million, though adjusted earnings per share of $0.44 fell short of estimates. The company also announced a monthly dividend of $0.267 per share, implying a 4.3% annualized yield.

Canada Pension Plan Investment Board bought a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,221,720 shares of the real estate investment trust's stock, valued at approximately $92,533,000. Canada Pension Plan Investment Board owned about 0.98% of Agree Realty as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in ADC. Clearstead Trust LLC lifted its position in Agree Realty by 192.1% during the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 242 shares during the period. Wiser Advisor Group LLC acquired a new position in shares of Agree Realty in the third quarter valued at approximately $32,000. Clearstead Advisors LLC increased its holdings in shares of Agree Realty by 163.8% in the fourth quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust's stock valued at $33,000 after purchasing an additional 285 shares during the period. Creative Financial Designs Inc. ADV raised its stake in shares of Agree Realty by 71.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 192 shares during the last quarter. Finally, Transamerica Financial Advisors LLC raised its stake in shares of Agree Realty by 214.4% during the fourth quarter. Transamerica Financial Advisors LLC now owns 547 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADC. Jefferies Financial Group began coverage on shares of Agree Realty in a research report on Monday, June 1st. They issued a "buy" rating and a $84.00 price objective on the stock. Robert W. Baird set a $83.00 target price on shares of Agree Realty in a research note on Friday, July 31st. Huntington assumed coverage on shares of Agree Realty in a report on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 target price on the stock. Barclays boosted their price target on shares of Agree Realty from $84.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded shares of Agree Realty from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $83.94.

Agree Realty Price Performance

Agree Realty stock opened at $73.79 on Thursday. The company has a market cap of $9.18 billion, a P/E ratio of 39.67, a price-to-earnings-growth ratio of 2.43 and a beta of 0.47. Agree Realty Corporation has a one year low of $69.56 and a one year high of $82.08. The business has a fifty day moving average of $76.78 and a two-hundred day moving average of $76.80. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 0.82.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share 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 for the quarter, compared to analyst estimates of $204.53 million. During the same period last year, the company earned $1.06 earnings per share. The business's revenue for the quarter 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, analysts predict that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $0.267 per share. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Monday, August 31st. Agree Realty's dividend payout ratio is presently 172.04%.

Insider Transactions at Agree Realty

In related news, Chairman Richard Agree bought 5,000 shares of the company's stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $71.41 per share, with a total value of $357,050.00. Following the completion of the acquisition, the chairman owned 90,512 shares in the company, valued at approximately $6,463,461.92. This represents a 5.85% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company's stock.

About Agree Realty

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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