Great Lakes Advisors LLC Has $4.51 Million Stock Position in Agree Realty Corporation $ADC

Key Points

• Great Lakes Advisors LLC increased its holdings in Agree Realty Corporation by 666.6% during the first quarter, now owning approximately $4.51 million in shares.
• The company reported a 15.0% increase in revenue year-over-year, with earnings per share of $1.06, exceeding analysts' expectations.
• Insider activity includes significant purchases by CEO Joey Agree and Director Greg Lehmkuhl, indicating increasing confidence in the company's stock.

Great Lakes Advisors LLC boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 666.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 58,416 shares of the real estate investment trust's stock after acquiring an additional 50,796 shares during the period. Great Lakes Advisors LLC owned 0.05% of Agree Realty worth $4,509,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ADC. Millennium Management LLC grew its holdings in Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after acquiring an additional 1,068,271 shares during the period. Nuveen LLC acquired a new stake in Agree Realty during the 1st quarter worth $64,759,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Agree Realty by 524.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust's stock worth $49,838,000 after acquiring an additional 594,080 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Agree Realty during the 1st quarter worth $41,114,000. Finally, Wellington Management Group LLP grew its holdings in Agree Realty by 664.6% during the 4th quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust's stock worth $41,625,000 after acquiring an additional 513,571 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl bought 750 shares of the company's stock in a transaction dated Friday, September 5th. The shares were bought at an average cost of $72.84 per share, with a total value of $54,630.00. Following the acquisition, the director owned 27,684 shares in the company, valued at $2,016,502.56. This trade represents 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 accessible through this link. Also, CEO Joey Agree purchased 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the purchase, the chief executive officer owned 635,160 shares in the company, valued at $45,782,332.80. The trade was a 0.33% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 7,700 shares of company stock worth $555,926. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADC. 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. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Evercore ISI lifted their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday. UBS Group lifted their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Finally, Mizuho reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $80.58.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.30 on Monday, reaching $73.40. The stock had a trading volume of 135,193 shares, compared to its average volume of 1,159,508. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The firm's 50-day moving average is $72.70 and its two-hundred day moving average is $74.32. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 43.67, a P/E/G ratio of 2.44 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 earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. Agree Realty's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, research analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a $0.256 dividend. This represents a dividend yield of 430.0%. The ex-dividend date of this dividend 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.