Exchange Traded Concepts LLC Purchases 11,666 Shares of Agree Realty Corporation $ADC

Key Points

• Exchange Traded Concepts LLC increased its stake in Agree Realty Corporation by 22.3%, now owning 63,929 shares valued at approximately $4.67 million.
• Agree Realty reported an EPS of $1.06 for the last quarter, exceeding expectations, with a revenue increase of 15% year-over-year.
• The company declared a dividend of $0.256 to be paid on October 14th, with a yield of 430.0% and a payout ratio of 182.74%.

Exchange Traded Concepts LLC lifted its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 22.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 63,929 shares of the real estate investment trust's stock after acquiring an additional 11,666 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.06% of Agree Realty worth $4,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADC. Cullen Frost Bankers Inc. purchased a new stake in Agree Realty during the first quarter valued at about $27,000. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $31,000. SVB Wealth LLC purchased a new stake in shares of Agree Realty during the 1st quarter valued at approximately $33,000. Capital Advisors Ltd. LLC raised its holdings in Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 270 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Agree Realty during the first quarter worth $39,000. 97.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADC has been the subject of several recent research reports. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Mizuho lowered their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, September 11th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. Finally, Evercore ISI upped their target price on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.58.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the transaction, the director directly owned 27,684 shares in the company, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joey Agree purchased 4,108 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer directly owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 7,700 shares of company stock worth $555,926 over the last ninety days. Insiders own 1.80% of the company's stock.

Agree Realty Price Performance

ADC stock traded up $0.08 during midday trading on Tuesday, reaching $70.94. The company had a trading volume of 53,759 shares, compared to its average volume of 1,149,902. The firm has a 50-day moving average price of $72.72 and a 200-day moving average price of $74.19. 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 $7.85 billion, a P/E ratio of 42.25, a P/E/G ratio of 2.38 and a beta of 0.56. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate 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 for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.256 per share. This represents a yield of 430.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's dividend payout ratio is presently 182.74%.

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.