JPMorgan Chase & Co. Acquires 353,884 Shares of Agree Realty Corporation $ADC

Key Points

• JPMorgan Chase & Co. increased its stake in Agree Realty Corporation by 17.8% during Q1, owning 2,338,219 shares valued at approximately $180.49 million.
• Agree Realty reported a quarterly earnings of $1.06 per share, slightly beating estimates, with revenue of $175.53 million, a 15% increase year-over-year.
• The company declared a monthly dividend of $0.256 per share, with a yield of 4.3%, scheduled for payment on September 15, 2023.

JPMorgan Chase & Co. grew its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,338,219 shares of the real estate investment trust's stock after purchasing an additional 353,884 shares during the period. JPMorgan Chase & Co. owned approximately 2.13% of Agree Realty worth $180,487,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ADC. Millennium Management LLC grew its position in shares of Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after purchasing an additional 1,068,271 shares in the last quarter. Northern Trust Corp grew its position in Agree Realty by 89.2% in the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock worth $107,315,000 after acquiring an additional 718,114 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Agree Realty by 524.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust's stock worth $49,838,000 after acquiring an additional 594,080 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Agree Realty by 122.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,070,951 shares of the real estate investment trust's stock worth $75,448,000 after acquiring an additional 589,349 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Agree Realty in the first quarter worth about $41,114,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

ADC has been the subject of several recent research reports. UBS Group lifted their price target on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Stifel Nicolaus lifted their price target on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, Evercore ISI raised their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.61.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the purchase, the chief executive officer directly owned 633,060 shares of the company's stock, valued at approximately $45,675,279. This represents a 0.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 6,950 shares of company stock valued at $501,296 over the last ninety days. Insiders own 1.80% of the company's stock.

Agree Realty Trading Up 0.9%

Shares of Agree Realty stock traded up $0.6570 on Tuesday, hitting $72.6170. 123,387 shares of the company traded hands, compared to its average volume of 1,187,106. The stock's 50 day moving average price is $73.19 and its 200-day moving average price is $74.26. 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 52 week low of $67.58 and a 52 week high of $79.65. The company has a market cap of $8.04 billion, a PE ratio of 43.27, a PEG ratio of 2.36 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share 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 firm had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The company's 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. Equities research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

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

Agree Realty Company 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.