Connor Clark & Lunn Investment Management Ltd. Buys New Holdings in Agree Realty Corporation $ADC

Key Points

• Connor Clark & Lunn Investment Management bought 54,358 Agree Realty shares worth approximately $4.1 million, while institutional investors collectively own 97.83% of the REIT.
• Chairman Richard Agree purchased 5,000 shares for about $357,000, increasing his holdings by 5.85%; insiders now own 1.80% of the company.
• Agree Realty reported quarterly revenue of $216.33 million, up 16.8% year over year, but missed earnings expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $83.94, versus a recent share price of $73.19.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Agree Realty Corporation (NYSE:ADC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 54,358 shares of the real estate investment trust's stock, valued at approximately $4,117,000.

Several other institutional investors and hedge funds have also bought and sold shares of ADC. BlackRock Inc. purchased a new stake in shares of Agree Realty in the 2nd quarter valued at $1,447,551,000. Vanguard Group Inc. grew its holdings in Agree Realty by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock worth $1,133,114,000 after acquiring an additional 84,568 shares during the period. Cohen & Steers Inc. raised its position in Agree Realty by 4.8% during the fourth quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust's stock valued at $1,015,324,000 after acquiring an additional 649,301 shares in the last quarter. State Street Corp lifted its holdings in Agree Realty by 1.6% in the fourth quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust's stock valued at $425,350,000 after acquiring an additional 91,766 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Agree Realty by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust's stock worth $341,180,000 after purchasing an additional 232,532 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Agree Realty Price Performance

Shares of NYSE ADC opened at $73.19 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a fifty day moving average of $76.77 and a 200 day moving average of $76.79. The firm has a market cap of $9.10 billion, a PE ratio of 39.35, a PEG ratio of 2.41 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.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The company had revenue of $216.33 million for the quarter, compared to analysts' expectations of $204.53 million. During the same period in the previous year, the business earned $1.06 earnings per share. The business's revenue for the quarter was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. As a group, research analysts predict that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.267 per share. This represents a c) annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, August 31st. Agree Realty's dividend payout ratio is 172.04%.

Analysts Set New Price Targets

ADC has been the subject of several recent research reports. Weiss Ratings raised shares of Agree Realty from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Barclays lifted their price objective on shares of Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Robert W. Baird set a $83.00 price objective on shares of Agree Realty in a research report on Friday, July 31st. Finally, Jefferies Financial Group initiated coverage on shares of Agree Realty in a research note on Monday, June 1st. They set a "buy" rating and a $84.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.94.

Agree Realty Profile

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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