Nomura Holdings Inc. Sells 19,366 Shares of Agree Realty Corporation $ADC

Key Points

• Nomura Holdings Inc. significantly reduced its stake in Agree Realty Corporation, cutting its holdings by 77.7% in Q1, leaving it with just 5,559 shares worth approximately $429,000.
• Several institutional investors, including Cullen Frost Bankers and SVB Wealth LLC, have recently made new investments in Agree Realty, highlighting a strong interest from the investment community, with 97.83% of the stock owned by institutional investors.
• Agree Realty announced a monthly dividend of $0.256 per share, with an annualized yield of 4.3%, while also surpassing earnings estimates by posting $1.06 EPS for the last quarter.

Nomura Holdings Inc. reduced its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 77.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,559 shares of the real estate investment trust's stock after selling 19,366 shares during the quarter. Nomura Holdings Inc.'s holdings in Agree Realty were worth $429,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Bank of America Corp DE increased its holdings in shares of Agree Realty by 217.1% in the fourth quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock valued at $37,003,000 after purchasing an additional 359,605 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Agree Realty by 21.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 182,728 shares of the real estate investment trust's stock worth $12,873,000 after acquiring an additional 31,972 shares during the period. Caxton Associates LP acquired a new position in shares of Agree Realty in the fourth quarter valued at approximately $324,000. Cetera Investment Advisers increased its stake in shares of Agree Realty by 11.6% during the fourth quarter. Cetera Investment Advisers now owns 27,890 shares of the real estate investment trust's stock worth $1,965,000 after purchasing an additional 2,899 shares during the period. Finally, EP Wealth Advisors LLC increased its stake in shares of Agree Realty by 6.3% during the fourth quarter. EP Wealth Advisors LLC now owns 4,150 shares of the real estate investment trust's stock worth $292,000 after purchasing an additional 246 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

ADC traded down $0.38 on Wednesday, hitting $71.93. 895,253 shares of the stock were exchanged, compared to its average volume of 893,332. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 42.82, a PEG ratio of 2.42 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The business has a 50-day moving average of $72.72 and a two-hundred day moving average of $74.30.

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, 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 company had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period in the previous year, the company earned $1.04 EPS. The business'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. Sell-side analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders 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 yield of 430.0%. Agree Realty's dividend payout ratio is presently 182.74%.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADC. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Mizuho reduced their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a report on Friday, July 11th. Finally, Truist Financial set a $84.00 target price on shares of Agree Realty in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average target price of $80.50.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree acquired 2,100 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $72.08 per share, for a total transaction of $151,368.00. Following the transaction, the chief executive officer directly owned 635,160 shares in the company, valued at $45,782,332.80. This represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The stock was acquired 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 directly owned 27,684 shares of the company's stock, valued at $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 7,700 shares of company stock worth $555,926. Company insiders own 1.80% of the company's stock.

Agree Realty 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.