Nuveen LLC Buys New Position in Agree Realty Corporation (NYSE:ADC)

Key Points

• Nuveen LLC has acquired a new stake in Agree Realty Corporation, purchasing 911,254 shares valued at approximately $64.76 million, equating to about 0.83% ownership of the company.
• Agree Realty has declared a monthly dividend of $0.256 per share, with an annualized yield of 4.3% and a dividend payout ratio of 182.74%.
• Agree Realty reported quarterly earnings of $1.06 per share, surpassing analyst estimates, with revenue of $175.53 million, up 15% year-over-year.

Nuveen LLC bought a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 911,254 shares of the real estate investment trust's stock, valued at approximately $64,759,000. Nuveen LLC owned approximately 0.83% of Agree Realty as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Sequoia Financial Advisors LLC boosted its stake in Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after buying an additional 4,551 shares in the last quarter. AE Wealth Management LLC bought a new position in Agree Realty during the first quarter valued at about $358,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after purchasing an additional 1,941 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Agree Realty by 77.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after purchasing an additional 49,282 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.5%

Shares of Agree Realty stock opened at $72.28 on Thursday. The stock has a 50-day moving average price of $73.30 and a 200 day moving average price of $74.25. The company has a market cap of $8.00 billion, a P/E ratio of 43.02, a P/E/G ratio of 2.36 and a beta of 0.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share 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 during the quarter, compared to the consensus estimate of $173.95 million. During the same period last year, the business earned $1.04 EPS. The business's quarterly revenue was up 15.0% on a year-over-year basis. As a group, analysts expect that Agree Realty Corporation will post 4.27 EPS 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty's dividend payout ratio (DPR) is 182.74%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ADC shares. Mizuho reduced their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Barclays upped their target price on Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. UBS Group upped their target price on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. One equities research 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.

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