Element Capital Management LLC Invests $2.78 Million in Agree Realty Corporation $ADC

Key Points

• Element Capital Management LLC acquired a new stake in Agree Realty Corporation, purchasing 35,966 shares valued at approximately $2.78 million, which now represents 0.7% of their investment portfolio.
• Agree Realty is set to pay a monthly $0.256 dividend on September 15th, 2023, with an annualized yield of 4.3%, although the current dividend payout ratio is high at 182.74%.
• The company recently reported earnings of $1.06 EPS, exceeding analysts' expectations, with revenue increasing by 15% year-over-year to $175.53 million.

Element Capital Management LLC acquired a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,966 shares of the real estate investment trust's stock, valued at approximately $2,776,000. Agree Realty accounts for about 0.7% of Element Capital Management LLC's holdings, making the stock its 29th biggest position.

Other institutional investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its holdings in shares of 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 valued at $365,000 after buying an additional 139 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Agree Realty by 61.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after buying an additional 4,551 shares in the last quarter. AE Wealth Management LLC bought a new position in shares of Agree Realty in the first quarter valued at $358,000. Oppenheimer Asset Management Inc. increased its holdings in shares of Agree Realty by 10.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after buying an additional 1,941 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Agree Realty by 77.7% in the first 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 buying an additional 49,282 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 4,108 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the purchase, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have acquired 6,950 shares of company stock worth $501,296. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

ADC has been the topic of several research reports. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Barclays dropped their target price on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Truist Financial set a $84.00 target price on shares of Agree Realty in a research report on Friday, August 8th. Stifel Nicolaus lifted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, Mizuho dropped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $80.54.

Agree Realty Stock Up 0.5%

Shares of NYSE:ADC traded up $0.4030 during midday trading on Wednesday, hitting $73.8830. 955,306 shares of the stock were exchanged, compared to its average volume of 1,098,754. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The business's fifty day simple moving average is $73.15 and its two-hundred day simple moving average is $74.25. The company has a market capitalization of $8.18 billion, a PE ratio of 43.98, a P/E/G ratio of 2.39 and a beta of 0.55.

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 business had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. During the same period last year, the company earned $1.04 earnings per share. Agree Realty's quarterly revenue 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. As a group, research analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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

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.