Nuveen LLC Invests $64.76 Million in Agree Realty Corporation $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 position in Agree Realty Corporation (NYSE:ADC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and 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 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ADC. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 139 shares during the period. Janney Montgomery Scott LLC grew its position in Agree Realty by 61.2% in the 1st 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 acquired a new position in shares of Agree Realty during the first quarter valued at approximately $358,000. Oppenheimer Asset Management Inc. increased its position in shares of Agree Realty by 10.1% during the 1st 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 period. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position in Agree Realty by 77.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after acquiring an additional 49,282 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

ADC stock traded down $0.13 during midday trading on Monday, hitting $72.43. The stock had a trading volume of 218,107 shares, compared to its average volume of 1,186,110. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 43.13, a P/E/G ratio of 2.36 and a beta of 0.55. The stock has a 50-day simple moving average of $73.24 and a 200 day simple moving average of $74.26. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. 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 (NYSE:ADC - Get Free Report) last announced its quarterly 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. The firm had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 earnings per share. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

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

Insider Activity

In other Agree Realty news, CEO Joey Agree purchased 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were 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 approximately $45,782,332.80. The trade was a 0.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders have bought 6,950 shares of company stock worth $501,296. Company insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research reports. UBS Group raised 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. Wall Street Zen downgraded Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research note on Friday, July 11th. Finally, Evercore ISI raised their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and an average target price of $80.61.

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.