Great Lakes Advisors LLC Buys 50,796 Shares of 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 raised its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 666.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 about 0.05% of Agree Realty worth $4,509,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ADC. Bank of America Corp DE grew its position in Agree Realty by 217.1% during the fourth quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock valued at $37,003,000 after acquiring an additional 359,605 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of Agree Realty by 11.6% during the fourth quarter. Cetera Investment Advisers now owns 27,890 shares of the real estate investment trust's stock valued at $1,965,000 after purchasing an additional 2,899 shares during the period. EP Wealth Advisors LLC boosted its stake in shares of Agree Realty by 6.3% during the fourth quarter. EP Wealth Advisors LLC now owns 4,150 shares of the real estate investment trust's stock valued at $292,000 after purchasing an additional 246 shares during the period. Ethic Inc. purchased a new stake in shares of Agree Realty during the fourth quarter valued at approximately $221,000. Finally, Graham Capital Management L.P. boosted its stake in shares of Agree Realty by 97.9% during the fourth quarter. Graham Capital Management L.P. now owns 6,596 shares of the real estate investment trust's stock valued at $465,000 after purchasing an additional 3,263 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Down 0.9%

Shares of NYSE:ADC traded down $0.63 on Friday, hitting $73.11. 790,499 shares of the company traded hands, compared to its average volume of 914,160. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. 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 stock has a 50 day simple moving average of $72.70 and a 200-day simple moving average of $74.30. The company has a market cap of $8.09 billion, a PE ratio of 43.52, a PEG ratio of 2.46 and a beta of 0.56.

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

Agree Realty Dividend Announcement

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

Insider Transactions at Agree Realty

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADC. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. Mizuho dropped their price target on Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a research note on Thursday. Barclays dropped their price target on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 20th. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.42.

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.