Engineers Gate Manager LP Boosts Stake in Agree Realty Corporation $ADC

Key Points

• Engineers Gate Manager LP dramatically increased its stake in Agree Realty, boosting holdings by 3,043.2% in the fourth quarter to 1.18 million shares, worth about $85.2 million.
• Analyst sentiment on ADC remains generally positive, with an average Moderate Buy rating and an average price target of $83.80, though one firm recently downgraded the stock to sell.
• Insider buying has been notable: Chairman Richard Agree and CEO Joey Agree both bought shares recently, and the company also reported better-than-expected quarterly earnings and revenue along with a new quarterly dividend.

Engineers Gate Manager LP boosted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 3,043.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,182,229 shares of the real estate investment trust's stock after acquiring an additional 1,144,617 shares during the period. Agree Realty accounts for about 1.0% of Engineers Gate Manager LP's portfolio, making the stock its 5th biggest position. Engineers Gate Manager LP owned about 0.98% of Agree Realty worth $85,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC increased its stake in Agree Realty by 2.7% during the 4th quarter. Evergreen Capital Management LLC now owns 5,946 shares of the real estate investment trust's stock worth $430,000 after acquiring an additional 154 shares during the period. IFP Advisors Inc increased its stake in Agree Realty by 18.2% during the 3rd quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 171 shares during the period. Fifth Third Bancorp increased its stake in Agree Realty by 2.7% during the 4th quarter. Fifth Third Bancorp now owns 6,778 shares of the real estate investment trust's stock worth $488,000 after acquiring an additional 176 shares during the period. Creative Financial Designs Inc. ADV increased its stake in Agree Realty by 71.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust's stock worth $33,000 after acquiring an additional 192 shares during the period. Finally, Danske Bank A S increased its stake in Agree Realty by 22.2% during the 4th quarter. Danske Bank A S now owns 1,100 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 200 shares during the period. Institutional investors own 97.83% of the company's stock.

Analyst Ratings Changes

ADC has been the topic of a number of recent research reports. Citigroup raised their price objective on Agree Realty from $77.00 to $82.50 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a research note on Saturday, April 18th. Raymond James Financial raised their target price on Agree Realty from $84.00 to $90.00 and gave the company a "strong-buy" rating in a report on Tuesday, March 17th. Weiss Ratings raised Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, April 6th. Finally, Royal Bank Of Canada raised their target price on Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and an average price target of $83.80.

Insider Buying and Selling

In other news, Chairman Richard Agree acquired 5,000 shares of Agree Realty stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the transaction, the chairman directly owned 90,512 shares of the company's stock, valued at approximately $6,463,461.92. The trade was a 5.85% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joey Agree acquired 13,295 shares of Agree Realty stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the transaction, the chief executive officer directly owned 675,105 shares in the company, valued at $50,909,668.05. The trade was a 2.01% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 19,191 shares of company stock worth $1,426,994 in the last 90 days. Insiders own 1.80% of the company's stock.

Agree Realty Trading Down 1.2%

Shares of ADC stock opened at $73.82 on Thursday. The stock's fifty day moving average price is $75.84 and its two-hundred day moving average price is $75.26. The company has a market cap of $8.87 billion, a PE ratio of 39.90, a P/E/G ratio of 2.51 and a beta of 0.48. Agree Realty Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Agree Realty (NYSE:ADC - Get Free Report) last issued 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 firm had revenue of $211.49 million for the quarter, compared to the consensus estimate of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The company's revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Equities analysts predict that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.267 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.07 dividend on an annualized basis and a yield of 1.4%. Agree Realty's payout ratio is currently 172.97%.

Agree Realty Company 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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