GW&K Investment Management LLC Sells 71,932 Shares of Agree Realty Corporation $ADC

Key Points

• GW&K Investment Management reduced its stake in Agree Realty by 7.4% in the fourth quarter, selling 71,932 shares and leaving it with 906,544 shares valued at about $65.3 million.
• Institutional ownership remains very high, with funds like Vanguard and JPMorgan also adjusting positions; institutions now control 97.83% of the company.
• Agree Realty reported better-than-expected quarterly results, with EPS of $0.50 versus $0.47 estimated and revenue up 18.7% year over year, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $83.80.

GW&K Investment Management LLC cut its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 906,544 shares of the real estate investment trust's stock after selling 71,932 shares during the period. GW&K Investment Management LLC owned 0.79% of Agree Realty worth $65,299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Centersquare Investment Management LLC boosted its position in Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock valued at $205,748,000 after acquiring an additional 51,269 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Agree Realty by 65.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust's stock valued at $143,268,000 after acquiring an additional 799,185 shares in the last quarter. Azzad Asset Management Inc. ADV bought a new stake in Agree Realty during the 3rd quarter valued at approximately $971,000. Vanguard Group Inc. boosted its position in Agree Realty by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock valued at $1,133,114,000 after acquiring an additional 84,568 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Agree Realty by 7.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 727,114 shares of the real estate investment trust's stock valued at $52,374,000 after acquiring an additional 48,130 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Truist Financial lifted their price objective on Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. Jefferies Financial Group assumed coverage on shares of Agree Realty in a report on Monday, June 1st. They set a "buy" rating and a $84.00 target price for the company. Morgan Stanley set a $81.00 target price on shares of Agree Realty in a report on Tuesday, April 21st. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Saturday, April 18th. Finally, Barclays lowered their target price on shares of Agree Realty from $86.00 to $84.00 and set an "equal weight" rating for the company in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.49 on Wednesday. Agree Realty Corporation has a twelve month low of $69.56 and a twelve month high of $82.08. The firm has a market cap of $8.95 billion, a P/E ratio of 40.27, a PEG ratio of 2.46 and a beta of 0.48. The company has a 50 day moving average of $75.96 and a 200 day moving average of $75.25. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The company had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. During the same period in the previous year, the business earned $0.42 EPS. The firm's revenue for the quarter was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. As a group, research analysts expect that Agree Realty Corporation will post 4.44 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.267 dividend. This represents a $1.07 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, June 30th. Agree Realty's payout ratio is presently 172.97%.

Insider Buying and Selling

In related news, Director Greg Lehmkuhl bought 750 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the purchase, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joey Agree bought 13,295 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were bought at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the purchase, the chief executive officer owned 675,105 shares in the company, valued at approximately $50,909,668.05. The trade was a 2.01% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 19,191 shares of company stock worth $1,426,994 in the last three months. Insiders own 1.80% of the company's stock.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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