Carmel Capital Partners LLC Has $249,000 Stock Holdings in Agree Realty Corporation $ADC

Key Points

• Carmel Capital Partners LLC reduced its stake in Agree Realty Corporation by 50%, now holding 3,411 shares valued at $249,000.
• Agree Realty reported a quarterly EPS of $1.06, surpassing expectations, with revenues rising 15% year-over-year to $175.53 million.
• The company announced an increase in its monthly dividend to $0.262, resulting in an annualized yield of 4.2%, with a dividend payout ratio of 186.90%.

Carmel Capital Partners LLC trimmed its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 50.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,411 shares of the real estate investment trust's stock after selling 3,413 shares during the quarter. Carmel Capital Partners LLC's holdings in Agree Realty were worth $249,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new position in shares of Agree Realty in the first quarter valued at about $27,000. Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 306 shares during the last quarter. SVB Wealth LLC bought a new position in shares of Agree Realty in the first quarter valued at about $33,000. Larson Financial Group LLC raised its holdings in shares of Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 440 shares during the last quarter. Finally, IFP Advisors Inc bought a new position in shares of Agree Realty in the second quarter valued at about $69,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.16 on Friday. 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 has a market cap of $8.32 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.55. The stock has a 50-day moving average of $72.19 and a 200-day moving average of $73.62. 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 announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be paid a $0.262 dividend. This is a boost from Agree Realty's previous monthly dividend of $0.26. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is currently 186.90%.

Insider Buying and Selling

In related news, insider Craig Erlich purchased 360 shares of the stock in a transaction dated Friday, October 3rd. The stock was bought at an average cost of $70.84 per share, with a total value of $25,502.40. Following the purchase, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. The trade was a 0.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction dated Friday, September 5th. The stock was bought at an average cost 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. The trade was a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 36,742 shares of company stock valued at $2,601,704. Insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Mizuho cut their price target on Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. Barclays cut their price target on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. UBS Group upped their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.63.

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.

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