Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Agree Realty Corporation (NYSE:ADC)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Agree Realty Corporation by 8.5%, owning 73,805 shares worth approximately $5.7 million.
• Agree Realty Corporation declared a monthly dividend of $0.256 per share, representing an annualized yield of 4.2% and a dividend payout ratio of 182.74%.
• Wall Street analysts have mixed ratings for Agree Realty, with an average rating of "Moderate Buy" and a target price of $80.46.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 8.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,805 shares of the real estate investment trust's stock after purchasing an additional 5,782 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.07% of Agree Realty worth $5,697,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Agree Realty by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust's stock valued at $1,151,183,000 after purchasing an additional 363,681 shares during the period. Cohen & Steers Inc. grew its holdings in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after acquiring an additional 2,937,147 shares during the period. Centersquare Investment Management LLC grew its holdings in shares of Agree Realty by 10.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock worth $187,723,000 after acquiring an additional 234,641 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Agree Realty by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust's stock worth $130,860,000 after acquiring an additional 49,645 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Agree Realty by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,550,140 shares of the real estate investment trust's stock worth $109,206,000 after acquiring an additional 23,162 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree purchased 4,108 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $72.15 per share, for a total transaction of $296,392.20. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Performance

Shares of NYSE ADC traded up $0.48 during midday trading on Friday, hitting $72.64. 1,114,159 shares of the stock traded hands, compared to its average volume of 1,077,836. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The firm has a 50-day moving average of $73.24 and a two-hundred day moving average of $74.24. The firm has a market capitalization of $8.04 billion, a P/E ratio of 43.24, a PEG ratio of 2.35 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty (NYSE:ADC - Get Free Report) last announced 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 return on equity of 3.47% and a net margin of 28.16%. The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. During the same period last year, the firm earned $1.04 EPS. Agree Realty's revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

Analyst Ratings Changes

ADC has been the subject of a number of analyst reports. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Evercore ISI lifted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Barclays increased their price target on shares of Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. UBS Group raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Truist Financial set a $84.00 target price on Agree Realty in a research note on Friday, August 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $80.61.

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.