Millennium Management LLC Trims Stock Position in Agree Realty Corporation $ADC

Millennium Management LLC lowered its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 25.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 871,332 shares of the real estate investment trust's stock after selling 299,965 shares during the quarter. Millennium Management LLC owned 0.79% of Agree Realty worth $67,258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. raised its position in shares of Agree Realty by 7.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after purchasing an additional 132 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares during the last quarter. Azzad Asset Management Inc. ADV increased its holdings in Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after acquiring an additional 187 shares during the last quarter. Journey Strategic Wealth LLC increased its holdings in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after acquiring an additional 229 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in Agree Realty by 5.5% in the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Buying and Selling

In other Agree Realty news, Director Greg Lehmkuhl acquired 750 shares of the company's stock in a transaction dated Friday, September 5th. The shares were purchased at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joey Agree acquired 4,108 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer 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 disclosure for this purchase can be found here. Over the last quarter, insiders have bought 7,700 shares of company stock worth $555,926. Insiders own 1.80% of the company's stock.

Agree Realty Trading Down 0.9%

ADC stock traded down $0.63 during mid-day trading on Friday, reaching $73.11. The company had a trading volume of 790,499 shares, compared to its average volume of 914,160. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $8.09 billion, a PE ratio of 43.52, a price-to-earnings-growth ratio of 2.46 and a beta of 0.56. The firm has a 50 day moving average of $72.70 and a 200 day moving average of $74.31. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results 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. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same period in the prior year, the firm earned $1.04 EPS. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders 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 dividend yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research reports. Mizuho reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday. Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Barclays reduced their target price on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Truist Financial set a $84.00 target price on shares of Agree Realty in a report on Friday, August 8th. Finally, UBS Group boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.42.

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.