Ceredex Value Advisors LLC Acquires 21,400 Shares of Agree Realty Corporation $ADC

Key Points

• Ceredex Value Advisors LLC has increased its stake in Agree Realty Corporation by 14.9%, acquiring an additional 21,400 shares, which brings its total ownership to 165,382 shares valued at approximately $12.77 million.
• The company declared a monthly dividend of $0.256 per share, scheduled for payment on September 15th, with an annualized dividend yield of 4.3%.
• Agree Realty Corporation reported earnings of $1.06 per share for the last quarter, beating analysts' expectations and registering a 15% increase in revenue year-over-year.

Ceredex Value Advisors LLC increased its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 14.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 165,382 shares of the real estate investment trust's stock after acquiring an additional 21,400 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.15% of Agree Realty worth $12,766,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADC. GF Fund Management CO. LTD. raised its stake in Agree Realty by 7.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after purchasing an additional 132 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after acquiring an additional 139 shares during the period. Azzad Asset Management Inc. ADV boosted its position in shares of Agree Realty by 2.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock worth $531,000 after purchasing an additional 187 shares in the last quarter. Journey Strategic Wealth LLC lifted its position in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after acquiring an additional 229 shares in the last quarter. Finally, Transcend Capital Advisors LLC increased its stake in Agree Realty by 1.0% in the 1st quarter. Transcend Capital Advisors LLC now owns 24,934 shares of the real estate investment trust's stock valued at $1,925,000 after buying an additional 237 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Agree Realty stock traded up $0.03 during mid-day trading on Friday, hitting $72.69. The company had a trading volume of 1,134,390 shares, compared to its average volume of 972,940. The company's fifty day moving average is $72.89 and its 200-day moving average is $74.25. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 43.27, a P/E/G ratio of 2.43 and a beta of 0.55.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,100 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of $72.08 per share, with a total value of $151,368.00. Following the purchase, the chief executive officer owned 635,160 shares in the company, valued at approximately $45,782,332.80. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders acquired a total of 6,950 shares of company stock worth $501,296 over the last quarter. 1.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

ADC has been the subject of several research reports. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Mizuho dropped their price target on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Finally, Barclays lowered their price target 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. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.50.

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.