Caxton Associates LLP Takes $742,000 Position in Agree Realty Corporation $ADC

Key Points

• Caxton Associates LLP has invested approximately $742,000 in Agree Realty Corporation, acquiring 9,616 shares of the real estate investment trust during Q1.
• CEO Joey Agree purchased 4,108 shares at $72.15 per share, increasing his ownership stake, which now totals approximately $45.7 million.
• The firm has announced a dividend of $0.256 per share, reflecting a substantial yield, with the ex-dividend date set for September 30th.

Caxton Associates LLP bought a new position in Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,616 shares of the real estate investment trust's stock, valued at approximately $742,000.

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

Insider Activity

In related news, CEO Joey Agree purchased 4,108 shares of Agree Realty stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the transaction, the chief executive officer directly owned 633,060 shares of the company's stock, valued at approximately $45,675,279. This represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Greg Lehmkuhl acquired 750 shares of the stock in a transaction dated Friday, September 5th. The shares were bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director owned 27,684 shares in the company, valued at $2,016,502.56. The trade was a 2.78% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 7,700 shares of company stock worth $555,926. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Down 0.9%

Shares of ADC stock traded down $0.63 during trading hours on Friday, hitting $73.11. 790,499 shares of the company were exchanged, compared to its average volume of 914,160. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The business's 50-day simple moving average is $72.70 and its two-hundred day simple moving average is $74.31. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 43.52, a P/E/G ratio of 2.46 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (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 business had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period last year, the firm posted $1.04 earnings per share. The business's 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. Sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a $0.256 dividend. This represents a dividend yield of 430.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Agree Realty's payout ratio is presently 182.74%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Barclays reduced their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 20th. UBS Group upped their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Mizuho reduced their price objective on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research note on Thursday. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Finally, Morgan Stanley cut 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. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average target price of $80.42.

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.