HighTower Advisors LLC Sells 3,739 Shares of Agree Realty Corporation $ADC

Key Points

• HighTower Advisors LLC has decreased its stake in Agree Realty Corporation by 14.4%, selling 3,739 shares and leaving it with 22,261 shares valued at approximately $1.7 million.
• Various large investors have made significant adjustments to their positions in Agree Realty, with First Trust Advisors LP increasing its stake by 77.0% and Mariner LLC expanding theirs by 8.3% during the previous quarter.
• Analysts have mixed ratings on Agree Realty's stock, with nine analystsMorgan Stanley downgraded it from Overweight to Equal Weight, setting a price target of $75.00.

HighTower Advisors LLC reduced its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 14.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,261 shares of the real estate investment trust's stock after selling 3,739 shares during the period. HighTower Advisors LLC's holdings in Agree Realty were worth $1,718,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. GF Fund Management CO. LTD. grew its stake in shares of Agree Realty by 7.2% during the 1st 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 period. Sequoia Financial Advisors LLC raised its stake in shares of 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 purchasing an additional 139 shares in the last quarter. Azzad Asset Management Inc. ADV raised its stake in shares of 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 valued at $531,000 after purchasing an additional 187 shares in the last quarter. Journey Strategic Wealth LLC raised its stake in shares of Agree Realty by 3.6% in 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 in the last quarter. Finally, Transcend Capital Advisors LLC raised its stake in shares of Agree Realty by 1.0% in the 1st quarter. Transcend Capital Advisors LLC now owns 24,934 shares of the real estate investment trust's stock valued at $1,925,000 after purchasing an additional 237 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree bought 2,100 shares of the business's stock in a transaction 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 transaction, the chief executive officer directly owned 635,160 shares in the company, valued at $45,782,332.80. This represents a 0.33% 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 link. In the last three months, insiders have purchased 6,950 shares of company stock valued at $501,296. 1.80% of the stock is owned by corporate insiders.

Agree Realty Trading Up 0.5%

Shares of NYSE:ADC traded up $0.40 during mid-day trading on Friday, hitting $72.80. The stock had a trading volume of 474,258 shares, compared to its average volume of 1,173,091. 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 company has a market cap of $8.06 billion, a PE ratio of 43.33, a P/E/G ratio of 2.43 and a beta of 0.55. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company's 50 day moving average is $72.93 and its 200-day moving average is $74.25.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the firm earned $1.04 EPS. The firm's quarterly revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $0.256 dividend. The ex-dividend date is Friday, August 29th. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty's dividend payout ratio is presently 182.74%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADC. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Mizuho decreased their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Finally, UBS Group upped their target price on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.50.

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.