Fox Run Management L.L.C. Takes Position in Agree Realty Corporation (NYSE:ADC)

Key Points

• Fox Run Management L.L.C. acquired a new position in Agree Realty Corporation valued at approximately $1.47 million by purchasing 19,035 shares during the first quarter.
• Several institutional investors increased their stakes in Agree Realty, with OVERSEA CHINESE BANKING Corp boosting its position by 77.7%.
• Agree Realty recently announced a monthly dividend of $0.256 per share, with a scheduled payout on September 15th, yielding about 4.3%.

Fox Run Management L.L.C. purchased a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,035 shares of the real estate investment trust's stock, valued at approximately $1,469,000.

Other large investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. bought a new stake in Agree Realty in the first quarter worth about $27,000. Bernard Wealth Management Corp. acquired a new stake in shares of Agree Realty in the fourth quarter worth $31,000. Capital Advisors Ltd. LLC boosted its position in shares of Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares during the period. NBC Securities Inc. acquired a new stake in shares of Agree Realty in the first quarter worth $39,000. Finally, Larson Financial Group LLC boosted its position in shares of Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock worth $42,000 after buying an additional 440 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of Agree Realty stock traded up $0.48 during trading on Friday, reaching $72.64. The company's stock had a trading volume of 1,114,159 shares, compared to its average volume of 1,077,836. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The business's fifty day moving average price is $73.24 and its 200-day moving average price is $74.25. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of 43.24, a price-to-earnings-growth ratio of 2.36 and a beta of 0.55. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The business had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same period last year, the business earned $1.04 earnings per share. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

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. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty's payout ratio is presently 182.74%.

Analysts Set New Price Targets

ADC has been the subject of several recent analyst reports. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a research report on Friday, July 11th. UBS Group increased their price objective on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Stifel Nicolaus increased their price objective on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, Truist Financial set a $84.00 price objective on Agree Realty in a report on Friday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.61.

Insiders Place Their Bets

In related news, CEO Joey Agree acquired 742 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $72.15 per share, with a total value of $53,535.30. Following the completion of the acquisition, the chief executive officer owned 2,934 shares of the company's stock, valued at $211,688.10. This trade represents a 33.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.80% of the company's stock.

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.