Fort Washington Investment Advisors Inc. OH Cuts Stake in Agree Realty Corporation $ADC

Key Points

• Fort Washington Investment Advisors Inc. OH reduced its stake in Agree Realty Corporation by 19.4%, now holding 239,384 shares valued at approximately $17.5 million.
• Insider trading saw Director Greg Lehmkuhl purchase 750 shares and CEO Joey Agree buy 2,100 shares, indicating confidence in the company.
• Analysts have varied opinions, with some downgrading to a "sell" rating while others have increased price targets, creating a mixed outlook on Agree Realty’s stock performance.

Fort Washington Investment Advisors Inc. OH lessened its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 19.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 239,384 shares of the real estate investment trust's stock after selling 57,609 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.22% of Agree Realty worth $17,489,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. raised its position in shares of Agree Realty by 7.2% during the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after buying an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its stake in Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock worth $531,000 after purchasing an additional 187 shares in the last quarter. Journey Strategic Wealth LLC boosted its holdings in shares of Agree Realty by 3.6% during the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after purchasing an additional 229 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Agree Realty by 5.5% during the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after purchasing an additional 232 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Greg Lehmkuhl acquired 750 shares of the business's stock in a transaction dated Friday, September 5th. The shares were purchased at an average price of $72.84 per share, with a total value of $54,630.00. Following the transaction, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joey Agree bought 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $72.08 per share, with a total value of $151,368.00. Following the transaction, the chief executive officer directly owned 635,160 shares of the company's stock, valued at $45,782,332.80. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 7,700 shares of company stock valued at $555,926. Insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Evercore ISI upped their price objective on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Morgan Stanley lowered 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 report on Friday, July 11th. Finally, UBS Group upped their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and a consensus target price of $80.58.

Agree Realty Price Performance

ADC opened at $71.21 on Monday. 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 business's fifty day simple moving average is $72.65 and its 200-day simple moving average is $74.05. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 42.39, a PEG ratio of 2.38 and a beta of 0.56. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. Agree Realty's revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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

About Agree Realty

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.