IFM Investors Pty Ltd Cuts Position in Agree Realty Corporation $ADC

Key Points

• IFM Investors Pty Ltd reduced its stake in Agree Realty Corporation by 17.0% during the first quarter, now holding 20,569 shares valued at approximately $1.59 million.
• Agree Realty's recent earnings report showed a EPS of $1.06, beating estimates, with a revenue increase of 15.0% compared to last year.
• The company announced a dividend of $0.256 per share, set to be paid on October 14th, while maintaining a dividend payout ratio of 182.74%.

IFM Investors Pty Ltd reduced its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,569 shares of the real estate investment trust's stock after selling 4,218 shares during the period. IFM Investors Pty Ltd's holdings in Agree Realty were worth $1,588,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Jane Street Group LLC increased its stake in Agree Realty by 268.9% during the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust's stock worth $2,112,000 after buying an additional 19,948 shares during the period. Bayforest Capital Ltd purchased a new stake in Agree Realty during the 1st quarter worth approximately $269,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Agree Realty by 3.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust's stock worth $56,628,000 after buying an additional 26,202 shares during the period. Ascent Group LLC purchased a new stake in Agree Realty during the 1st quarter worth approximately $2,459,000. Finally, United Services Automobile Association purchased a new stake in Agree Realty during the 1st quarter worth approximately $502,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joey Agree purchased 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $72.08 per share, with a total value of $151,368.00. Following the purchase, the chief executive officer owned 635,160 shares in the company, valued at $45,782,332.80. This trade represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 7,700 shares of company stock valued at $555,926. 1.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADC. Evercore ISI upped their target price on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research report on Friday, July 11th. Finally, Barclays dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 20th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $80.58.

Agree Realty Stock Down 0.2%

Shares of Agree Realty stock traded down $0.18 during trading hours on Monday, hitting $72.92. The company had a trading volume of 805,186 shares, compared to its average volume of 897,976. The company has a market cap of $8.07 billion, a P/E ratio of 43.41, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The company's 50-day moving average is $72.72 and its two-hundred day moving average is $74.31. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $175.53 million during 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 quarter in the prior year, the business earned $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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

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.