Legal & General Group Plc Has $50.99 Million Stock Holdings in Agree Realty Corporation $ADC

Key Points

• Legal & General Group Plc increased its stake in Agree Realty by 8.9% in the fourth quarter, ending with 707,930 shares valued at about $50.99 million.
• Insider buying was also notable, with CEO Joey Agree and Director Greg Lehmkuhl both purchasing shares in May, bringing total insider purchases over the past three months to 14,191 shares.
• Agree Realty reported better-than-expected quarterly results, with EPS of $0.50 versus $0.47 expected and revenue up 18.7% year over year; the company also declared a quarterly dividend of $0.267 per share.

Legal & General Group Plc raised its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 8.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 707,930 shares of the real estate investment trust's stock after buying an additional 57,559 shares during the quarter. Legal & General Group Plc owned 0.62% of Agree Realty worth $50,992,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Agree Realty by 0.5% in 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 buying an additional 84,568 shares during the period. State Street Corp increased its stake in shares of Agree Realty by 0.5% during the 3rd quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust's stock worth $412,954,000 after purchasing an additional 27,546 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Agree Realty by 80.8% during the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock worth $309,266,000 after purchasing an additional 1,918,427 shares during the last quarter. Centersquare Investment Management LLC increased its stake in shares of 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 worth $205,748,000 after purchasing an additional 51,269 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 0.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust's stock worth $167,825,000 after purchasing an additional 15,389 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ADC shares. Mizuho dropped their price target on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, April 6th. Truist Financial increased their price target on shares of Agree Realty from $79.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, March 23rd. Royal Bank Of Canada increased their price target on shares of Agree Realty from $81.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Raymond James Financial increased their price target on shares of Agree Realty from $84.00 to $90.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.79.

Insiders Place Their Bets

In related news, CEO Joey Agree purchased 13,295 shares of Agree Realty stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the acquisition, the chief executive officer directly owned 675,105 shares in the company, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $75.09 per share, with a total value of $56,317.50. Following the completion of the acquisition, the director directly owned 34,465 shares in the company, valued at $2,587,976.85. This trade represents a 2.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 14,191 shares of company stock valued at $1,069,944. Insiders own 1.80% of the company's stock.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $74.21 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Agree Realty Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08. The firm has a fifty day moving average price of $76.31 and a two-hundred day moving average price of $75.27. The company has a market cap of $8.91 billion, a PE ratio of 40.11, a price-to-earnings-growth ratio of 2.51 and a beta of 0.50.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, beating 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 firm had revenue of $211.49 million during the quarter, compared to the consensus estimate of $195.73 million. During the same period in the prior year, the firm earned $0.42 EPS. The business's revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Analysts expect that Agree Realty Corporation will post 4.44 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a $0.267 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 dividend on an annualized basis and a yield of 1.4%. Agree Realty's dividend payout ratio is 172.97%.

Agree Realty 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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