Pasadena Private Wealth LLC Invests $1.59 Million in Agree Realty Corporation $ADC

Key Points

• Pasadena Private Wealth acquired 20,948 shares of Agree Realty worth approximately $1.59 million, while institutional investors collectively own 97.83% of the REIT.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $83.94, compared with the stock’s reported price of $74.46.
• Agree Realty reported quarterly revenue of $216.33 million, up 16.8% year over year, but earnings per share of $0.44 missed the $0.48 consensus estimate; the company also declared a monthly dividend of $0.267 per share, yielding about 4.3% annually.

Pasadena Private Wealth LLC acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 20,948 shares of the real estate investment trust's stock, valued at approximately $1,587,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Agree Realty in the 2nd quarter worth approximately $1,447,551,000. Principal Financial Group Inc. lifted its holdings in shares of Agree Realty by 80.8% during the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock valued at $309,266,000 after buying an additional 1,918,427 shares during the period. Norges Bank purchased a new position in shares of Agree Realty in the 4th quarter worth $116,114,000. Deutsche Bank AG purchased a new position in shares of Agree Realty in the 2nd quarter worth $104,747,000. Finally, Engineers Gate Manager LP grew its holdings in shares of Agree Realty by 3,043.2% in the fourth quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust's stock worth $85,156,000 after acquiring an additional 1,144,617 shares during the period. Institutional investors own 97.83% of the company's stock.

Insider Activity at Agree Realty

In other news, Chairman Richard Agree acquired 5,000 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was purchased at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the transaction, the chairman directly owned 90,512 shares in the company, valued at approximately $6,463,461.92. This trade represents a 5.85% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of Agree Realty in a research report on Monday, June 1st. They set a "buy" rating and a $84.00 price target for the company. Barclays upped their target price on shares of Agree Realty from $84.00 to $85.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 22nd. Robert W. Baird set a $83.00 price target on Agree Realty in a research note on Friday, July 31st. Royal Bank Of Canada boosted their price objective on Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a research report on Wednesday, April 22nd. Finally, Mizuho dropped their price objective on Agree Realty from $86.00 to $80.00 and set a "neutral" rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $83.94.

Agree Realty Trading Up 0.3%

Agree Realty stock opened at $74.46 on Thursday. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The firm's 50 day moving average price is $76.83 and its 200-day moving average price is $76.76. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $9.26 billion, a P/E ratio of 40.03, a PEG ratio of 2.43 and a beta of 0.47.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.04). The company had revenue of $216.33 million for the quarter, compared to the consensus estimate of $204.53 million. Agree Realty had a return on equity of 3.90% and a net margin of 28.84%.Agree Realty's revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.06 EPS. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. On average, equities analysts predict that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.267 per share. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, August 31st. Agree Realty's dividend payout ratio is 172.04%.

Agree Realty Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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