Easterly Investment Partners LLC Invests $16.85 Million in Agree Realty Corporation $ADC

Key Points

• Easterly Investment Partners LLC has invested approximately $16.85 million in Agree Realty Corporation, acquiring 230,661 shares, making it the 17th largest position in their investment portfolio.
• Agree Realty has announced an increase in its monthly dividend to $0.262, providing a yield of 4.2%, with the ex-dividend date set for October 31.
• The company's latest earnings report showed $1.06 EPS, exceeding estimates, along with a 15% year-over-year revenue increase, highlighting solid financial performance.

Easterly Investment Partners LLC purchased a new position in Agree Realty Corporation (NYSE:ADC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 230,661 shares of the real estate investment trust's stock, valued at approximately $16,852,000. Agree Realty comprises approximately 1.2% of Easterly Investment Partners LLC's investment portfolio, making the stock its 17th biggest position. Easterly Investment Partners LLC owned about 0.21% of Agree Realty at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Allianz Asset Management GmbH boosted its position in shares of Agree Realty by 17.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 106,947 shares of the real estate investment trust's stock worth $7,814,000 after purchasing an additional 15,618 shares in the last quarter. New York State Teachers Retirement System raised its stake in Agree Realty by 0.5% in the second quarter. New York State Teachers Retirement System now owns 114,582 shares of the real estate investment trust's stock valued at $8,371,000 after buying an additional 606 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Agree Realty by 280.2% in the second quarter. Sequoia Financial Advisors LLC now owns 17,981 shares of the real estate investment trust's stock worth $1,314,000 after acquiring an additional 13,252 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of Agree Realty by 0.9% during the second quarter. Yousif Capital Management LLC now owns 40,406 shares of the real estate investment trust's stock worth $2,952,000 after acquiring an additional 370 shares during the last quarter. Finally, GW Henssler & Associates Ltd. acquired a new position in shares of Agree Realty during the second quarter valued at about $219,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Up 1.1%

NYSE ADC opened at $74.53 on Friday. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. 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 company has a market capitalization of $8.25 billion, a PE ratio of 44.36, a P/E/G ratio of 2.40 and a beta of 0.55. The company has a fifty day moving average of $72.15 and a 200 day moving average of $73.63.

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

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a $0.262 dividend. The ex-dividend date is Friday, October 31st. This represents a c) annualized dividend and a yield of 4.2%. This is a boost from Agree Realty's previous monthly dividend of $0.26. Agree Realty's payout ratio is currently 182.74%.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. purchased 25,154 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were purchased at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the acquisition, the director owned 553,700 shares of the company's stock, valued at approximately $38,986,017. This represents a 4.76% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Erlich acquired 360 shares of the business's stock in a transaction on Friday, October 3rd. The stock was purchased at an average cost of $70.84 per share, with a total value of $25,502.40. Following the acquisition, the insider directly owned 52,846 shares of the company's stock, valued at $3,743,610.64. This represents a 0.69% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 36,742 shares of company stock worth $2,601,704. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of recent analyst reports. UBS Group lifted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 20th. Evercore ISI boosted their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, September 15th. Mizuho reduced their target price on Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a research note on Thursday, September 11th. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a research note on Friday, July 11th. Eight investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $80.63.

Agree Realty Company 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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