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

Several other large investors also recently bought and sold shares of ADC. Sequoia Financial Advisors LLC boosted its position in Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 139 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Agree Realty by 61.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after purchasing an additional 4,551 shares during the period. AE Wealth Management LLC bought a new stake in shares of Agree Realty during the 1st quarter valued at about $358,000. Oppenheimer Asset Management Inc. grew its stake in shares of Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after purchasing an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Agree Realty by 77.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after purchasing an additional 49,282 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

Shares of NYSE:ADC traded down $0.51 during trading on Tuesday, hitting $72.46. The stock had a trading volume of 103,938 shares, compared to its average volume of 1,157,219. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The stock has a market capitalization of $8.02 billion, a price-to-earnings ratio of 43.16, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $72.72 and a two-hundred day simple moving average of $74.31.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period last year, the business posted $1.04 earnings per share. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders 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 is Tuesday, September 30th. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is accessible 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 completion of the transaction, the chief executive officer owned 633,060 shares of the company's stock, valued at $45,675,279. This represents a 0.65% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 7,700 shares of company stock valued at $555,926. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of recent research reports. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Evercore ISI boosted their price target on Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday. Mizuho lowered their price objective on Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a report on Friday, July 11th. Finally, UBS Group boosted their price target on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.58.

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.