Northern Trust Corp Acquires 23,302 Shares of Agree Realty Corporation $ADC

Key Points

• Northern Trust Corp has increased its stake in Agree Realty Corporation (ADC) by 1.5%, now owning approximately 1.41% of the company, which is valued at $119.4 million.
• CEO Joey Agree purchased 4,108 shares of Agree Realty for approximately $296,392, raising his personal holdings to 633,060 shares valued at around $45.7 million.
• A recent dividend of $0.256 per share has been announced, with a yield of 4.2%, reflecting a high payout ratio of 182.74% for Agree Realty.

Northern Trust Corp raised its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 1.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,546,582 shares of the real estate investment trust's stock after buying an additional 23,302 shares during the period. Northern Trust Corp owned about 1.41% of Agree Realty worth $119,381,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADC. Vanguard Group Inc. boosted its holdings in Agree Realty by 2.5% in the first 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 acquiring an additional 363,681 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in shares of Agree Realty by 10.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust's stock valued at $187,723,000 after purchasing an additional 234,641 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock worth $180,487,000 after buying an additional 353,884 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Agree Realty by 3.0% during the first 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 buying an additional 49,645 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Agree Realty by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust's stock valued at $122,049,000 after buying an additional 31,030 shares during the period. Institutional investors own 97.83% of the company's stock.

Agree Realty Trading Down 0.6%

NYSE:ADC traded down $0.41 on Thursday, reaching $72.39. The company's stock had a trading volume of 399,701 shares, compared to its average volume of 1,174,448. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The business's 50-day moving average price is $72.99 and its two-hundred day moving average price is $74.25. The firm has a market cap of $8.01 billion, a PE ratio of 43.09, a PEG ratio of 2.41 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 released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The business had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. During the same quarter in the previous year, the business posted $1.04 EPS. Agree Realty's revenue for the quarter was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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

Wall Street Analyst Weigh In

ADC has been the topic of a number of recent research reports. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Barclays reduced their target price on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 20th. Finally, UBS Group upped their price target on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree bought 4,108 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were purchased 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. The trade was a 0.65% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 6,950 shares of company stock worth $501,296 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

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.