Ethic Inc. Acquires 5,713 Shares of Agree Realty Corporation $ADC

Key Points

• Ethic Inc. increased its stake in Agree Realty Corporation (NYSE: ADC) by 182.1%, acquiring an additional 5,713 shares during the first quarter, bringing its total holdings to 8,850 shares worth approximately $680,000.
• Recent brokerages reports indicate a mixed outlook for Agree Realty, with some analysts downgrading ratings while others, like UBS Group, have set a buy rating and revised their price objective upwards from $80.00 to $82.00.
• The company declared a monthly dividend of $0.256 per share, reflecting an annualized yield of 4.2%, with the ex-dividend date set for August 29th.

Ethic Inc. raised its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 182.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,850 shares of the real estate investment trust's stock after buying an additional 5,713 shares during the quarter. Ethic Inc.'s holdings in Agree Realty were worth $680,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its position in 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 worth $365,000 after acquiring an additional 139 shares in the last quarter. Janney Montgomery Scott LLC grew its position in 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 worth $925,000 after acquiring an additional 4,551 shares in the last quarter. AE Wealth Management LLC bought a new stake in Agree Realty in the first quarter worth approximately $358,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after buying an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Agree Realty by 77.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after buying an additional 49,282 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADC. Truist Financial set a $84.00 price objective on shares of Agree Realty in a report on Friday, August 8th. Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Morgan Stanley cut shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a research note on Friday, July 11th. Mizuho dropped their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.50.

Agree Realty Price Performance

Shares of Agree Realty stock traded down $0.9750 during mid-day trading on Friday, reaching $73.0650. 701,347 shares of the stock were exchanged, compared to its average volume of 1,010,635. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 43.49, a price-to-earnings-growth ratio of 2.38 and a beta of 0.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $73.11 and a 200 day simple moving average of $74.27. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65.

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

Agree Realty Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Joey Agree acquired 2,100 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were purchased at an average price of $72.08 per share, with a total value of $151,368.00. Following the acquisition, the chief executive officer directly owned 635,160 shares in the company, valued at $45,782,332.80. The trade was a 0.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders have bought 6,950 shares of company stock worth $501,296. 1.80% of the stock is owned by corporate insiders.

Agree Realty 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.