Perbak Capital Partners LLP Acquires New Shares in Agree Realty Corporation $ADC

Key Points

• Perbak Capital Partners LLP has acquired 4,435 shares of Agree Realty Corporation, valued at approximately $342,000, as reported in their recent 13F filing.
• CEO Joey Agree purchased 4,108 shares of the company at an average price of $72.15, increasing his ownership and demonstrating insider confidence in the stock.
• Agree Realty's stock has received mixed analyst ratings, with a consensus average price target of $80.50, indicating potential for further appreciation despite some downgrades from "buy" to "neutral."

Perbak Capital Partners LLP acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,435 shares of the real estate investment trust's stock, valued at approximately $342,000.

A number of other hedge funds have also made changes to their positions in ADC. Cullen Frost Bankers Inc. acquired a new position in Agree Realty in the first quarter worth approximately $27,000. Bernard Wealth Management Corp. acquired a new position in Agree Realty in the fourth quarter worth approximately $31,000. SVB Wealth LLC acquired a new position in Agree Realty in the first quarter worth approximately $33,000. Capital Advisors Ltd. LLC grew its position in Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares during the last quarter. Finally, NBC Securities Inc. acquired a new position in Agree Realty in the first quarter worth approximately $39,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Ratings Changes

ADC has been the topic of several recent research reports. Barclays decreased their price target on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 20th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Mizuho decreased their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Morgan Stanley lowered 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 research note on Friday, July 11th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $80.50.

Insider Activity

In related news, CEO Joey Agree bought 2,100 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $72.08 per share, with a total value of $151,368.00. Following the purchase, the chief executive officer directly owned 635,160 shares of the company's stock, valued at approximately $45,782,332.80. This represents a 0.33% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have acquired 6,950 shares of company stock worth $501,296. Company insiders own 1.80% of the company's stock.

Agree Realty Trading Up 1.4%

Agree Realty stock traded up $0.99 during midday trading on Friday, reaching $72.99. The stock had a trading volume of 828,151 shares, compared to its average volume of 887,846. The firm's fifty day simple moving average is $72.74 and its two-hundred day simple moving average is $74.33. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 2.44 and a beta of 0.56. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. 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 (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, September 15th. Shareholders 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 4.2%. Agree Realty's dividend payout ratio (DPR) is 182.74%.

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.