LPL Financial LLC Acquires 4,896 Shares of Agree Realty Corporation (NYSE:ADC)

Key Points

• LPL Financial LLC increased its holdings in Agree Realty Corporation by 12.4%, acquiring an additional 4,896 shares during the first quarter, bringing its total ownership to 44,238 shares valued at approximately $3.4 million.
• Agree Realty reported Q2 earnings of $1.06 per share, exceeding analysts' expectations by $0.01, with a revenue of $175.53 million, reflecting a 15% year-over-year increase.
• The company has announced a monthly dividend of $0.256 per share, which will be paid on September 15th, representing a dividend yield of 4.2%.

LPL Financial LLC boosted its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,238 shares of the real estate investment trust's stock after buying an additional 4,896 shares during the period. LPL Financial LLC's holdings in Agree Realty were worth $3,415,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ADC. Bank of Montreal Can increased its position in Agree Realty by 43.0% in the 4th quarter. Bank of Montreal Can now owns 17,986 shares of the real estate investment trust's stock worth $1,267,000 after buying an additional 5,407 shares during the period. Renaissance Technologies LLC bought a new position in Agree Realty in the 4th quarter worth approximately $2,536,000. Sterling Capital Management LLC grew its holdings in shares of Agree Realty by 58.8% during the 4th quarter. Sterling Capital Management LLC now owns 7,002 shares of the real estate investment trust's stock worth $493,000 after purchasing an additional 2,594 shares in the last quarter. Mariner LLC grew its holdings in shares of Agree Realty by 8.3% during the 4th quarter. Mariner LLC now owns 16,350 shares of the real estate investment trust's stock worth $1,152,000 after purchasing an additional 1,260 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth approximately $371,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

Agree Realty stock opened at $72.64 on Friday. 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 firm has a market cap of $8.04 billion, a P/E ratio of 43.24, a P/E/G ratio of 2.35 and a beta of 0.55. The business's fifty day moving average is $73.24 and its two-hundred day moving average is $74.24. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The business's revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Equities research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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

Insider Activity

In other news, CEO Joey Agree purchased 4,108 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were acquired 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 $45,675,279. The trade was a 0.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADC. Truist Financial set a $84.00 price objective on Agree Realty in a report on Friday, August 8th. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Robert W. Baird lifted their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a report on Friday, July 11th. Finally, Evercore ISI lifted their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.61.

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.

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