Easterly Investment Partners LLC Trims Stake in Agree Realty Corporation $ADC

Key Points

• Easterly Investment Partners cut its stake in Agree Realty by 92.7% in the fourth quarter, selling 141,140 shares and leaving it with 11,122 shares valued at about $801,000.
• Agree Realty reported strong quarterly earnings, posting $0.50 EPS versus $0.47 expected and revenue of $211.49 million, while revenue rose 18.7% from a year earlier.
• The company declared a quarterly dividend of $0.267 per share, payable June 12, and analysts currently rate the stock a “Moderate Buy” with an average price target of $83.80.

Easterly Investment Partners LLC decreased its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 92.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,122 shares of the real estate investment trust's stock after selling 141,140 shares during the period. Easterly Investment Partners LLC's holdings in Agree Realty were worth $801,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clearstead Trust LLC grew its holdings in shares of Agree Realty by 192.1% during the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 242 shares during the period. Westside Investment Management Inc. boosted its position in shares of Agree Realty by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 215 shares in the last quarter. Wiser Advisor Group LLC bought a new stake in shares of Agree Realty in the 3rd quarter worth approximately $32,000. Clearstead Advisors LLC boosted its position in shares of Agree Realty by 163.8% in the 4th quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 285 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of Agree Realty by 71.1% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

ADC stock opened at $72.54 on Tuesday. The stock has a market capitalization of $8.71 billion, a PE ratio of 39.21, a price-to-earnings-growth ratio of 2.49 and a beta of 0.48. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock's 50 day simple moving average is $76.19 and its 200 day simple moving average is $75.27.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The company's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. As a group, research analysts forecast that Agree Realty Corporation will post 4.44 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.267 per share. The ex-dividend date is Friday, May 29th. This represents a $1.07 dividend on an annualized basis and a yield of 1.5%. Agree Realty's payout ratio is currently 172.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADC. Jefferies Financial Group began coverage on Agree Realty in a research report on Monday. They issued a "buy" rating and a $84.00 price target on the stock. Truist Financial boosted their price target on Agree Realty from $79.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, March 23rd. UBS Group boosted their price target on Agree Realty from $82.00 to $91.00 and gave the stock a "buy" rating in a research report on Monday, March 9th. Royal Bank Of Canada boosted their price target on Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Finally, Barclays dropped their price target on Agree Realty from $86.00 to $84.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average price target of $83.80.

Insiders Place Their Bets

In related news, CEO Joey Agree acquired 13,295 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the purchase, the chief executive officer directly owned 675,105 shares of the company's stock, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $75.09 per share, with a total value of $56,317.50. Following the completion of the purchase, the director directly owned 34,465 shares in the company, valued at $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 14,191 shares of company stock valued at $1,069,944. Company insiders own 1.80% of the company's stock.

About Agree Realty

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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