Invst LLC Makes New Investment in Agree Realty Corporation $ADC

Key Points

• Invst LLC has made a new investment in Agree Realty Corporation, purchasing 9,906 shares valued at approximately $765,000.
• Institutional investors now own 97.83% of Agree Realty's stock, with notable transactions including Nuveen LLC's new position worth $64,759,000.
• Analyst ratings for Agree Realty vary, with a consensus rating of "Moderate Buy" and a price target of $80.42, while recent downgrades have occurred from some research firms.

Invst LLC acquired a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,906 shares of the real estate investment trust's stock, valued at approximately $765,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. acquired a new stake in Agree Realty during the 1st quarter valued at approximately $27,000. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty in the 4th quarter valued at $31,000. SVB Wealth LLC bought a new stake in shares of Agree Realty in the 1st quarter valued at $33,000. Capital Advisors Ltd. LLC increased its position in shares of Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares during the period. Finally, NBC Securities Inc. bought a new position in Agree Realty during the first quarter worth $39,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.2%

NYSE ADC traded down $0.14 during mid-day trading on Thursday, hitting $71.84. The company's stock had a trading volume of 155,304 shares, compared to its average volume of 1,156,400. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 2.41 and a beta of 0.56. The company's 50 day simple moving average is $72.75 and its 200 day simple moving average is $74.28. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. 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 released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. 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 year.

Agree Realty Dividend Announcement

The business 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. The ex-dividend date is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's payout ratio is 182.74%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADC. Barclays cut their price target 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. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research report on Friday, July 11th. UBS Group raised their target price on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Truist Financial set a $84.00 price target on Agree Realty in a research note on Friday, August 8th. Finally, Evercore ISI increased their price target on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and an average price target of $80.58.

Insider Buying and Selling

In related news, CEO Joey Agree acquired 2,100 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $72.08 per share, with a total value of $151,368.00. Following the acquisition, the chief executive officer owned 635,160 shares of the company's stock, valued at approximately $45,782,332.80. This trade represents a 0.33% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg Lehmkuhl bought 750 shares of the company's stock in a transaction dated Friday, September 5th. The stock was bought at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director directly owned 27,684 shares of the company's stock, valued at approximately $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,700 shares of company stock valued at $555,926 over the last three months. Corporate insiders own 1.80% of the company's stock.

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.