Fort Washington Investment Advisors Inc. OH Acquires 73,317 Shares of Agree Realty Corporation $ADC

Key Points

• Fort Washington Investment Advisors increased its Agree Realty stake by 18%, adding 73,317 shares to hold 479,925 shares valued at approximately $32.1 million. Institutional investors collectively own 97.83% of ADC.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $82.81, despite recent target reductions from some brokerages.
• Agree Realty raised its monthly dividend to $0.271 per share, equivalent to an annualized $3.25 dividend and a roughly 4.9% yield. Insiders have also purchased 48,496 shares worth about $3.4 million over the past 90 days.

Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 18.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 479,925 shares of the real estate investment trust's stock after acquiring an additional 73,317 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.39% of Agree Realty worth $32,064,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Agree Realty in the 2nd quarter valued at $1,447,551,000. Principal Financial Group Inc. grew its holdings in shares of Agree Realty by 5.4% during the 1st quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust's stock worth $341,180,000 after purchasing an additional 232,532 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Agree Realty by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,771,018 shares of the real estate investment trust's stock worth $133,498,000 after purchasing an additional 89,009 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Agree Realty during the 2nd quarter worth about $130,921,000. Finally, Deutsche Bank AG acquired a new stake in shares of Agree Realty during the 2nd quarter worth about $104,747,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on ADC. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $84.00 to $81.50 and set a "buy" rating on the stock in a report on Friday, September 18th. Robert W. Baird set a $83.00 target price on shares of Agree Realty in a research note on Friday, July 31st. Huntington began coverage on shares of Agree Realty in a research note on Wednesday, July 15th. They set an "outperform" rating and a $84.00 target price for the company. Barclays lifted their price target on shares of Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings cut shares of Agree Realty from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $82.81.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. bought 20,000 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was bought at an average cost of $68.78 per share, with a total value of $1,375,600.00. Following the transaction, the director directly owned 654,602 shares in the company, valued at $45,023,525.56. The trade was a 3.15% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Erlich bought 1,000 shares of the company's stock in a transaction on Monday, September 21st. The stock was purchased at an average cost of $67.55 per share, with a total value of $67,550.00. Following the completion of the transaction, the insider owned 60,388 shares in the company, valued at $4,079,209.40. This represents a 1.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 48,496 shares of company stock valued at $3,418,670. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Up 1.5%

NYSE:ADC opened at $66.59 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.60. The stock's fifty day moving average is $70.37 and its two-hundred day moving average is $74.39. Agree Realty Corporation has a 52 week low of $64.43 and a 52 week high of $82.08. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 35.80, a price-to-earnings-growth ratio of 2.20 and a beta of 0.42.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a return on equity of 3.90% and a net margin of 28.84%. The firm had revenue of $216.33 million for the quarter, compared to analysts' expectations of $204.53 million. During the same quarter in the prior year, the business earned $1.06 earnings per share. The company's quarterly revenue was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.45 EPS for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a dividend of $0.2710 per share. This represents a $3.25 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Agree Realty's previous monthly dividend of $0.2670. Agree Realty's dividend payout ratio is currently 174.73%.

About Agree Realty

Agree Realty Corporation is a real estate investment trust (REIT) that owns, develops, acquires and manages retail properties leased primarily under long-term, single-tenant net lease agreements. Under these arrangements, tenants generally assume responsibility for property-level expenses such as taxes, insurance and maintenance.

The company focuses on necessity-based retail properties, including locations occupied by grocery stores, home improvement retailers, discount retailers, pharmacies and other service-oriented businesses.

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