PGGM Investments Sells 141,927 Shares of Agree Realty Corporation $ADC

Key Points

• PGGM Investments reduced its stake in Agree Realty by 12.1% in the fourth quarter, selling 141,927 shares and ending with 1,027,100 shares worth about $73.98 million.
• Insiders bought shares recently: Director Greg Lehmkuhl purchased 750 shares and CEO Joey Agree bought 13,295 shares, bringing total insider buying for the quarter to 14,191 shares.
• Agree Realty beat earnings expectations in its latest quarter, reporting $0.50 EPS on revenue of $211.49 million, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $83.79.

PGGM Investments lessened its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,027,100 shares of the real estate investment trust's stock after selling 141,927 shares during the quarter. PGGM Investments owned 0.89% of Agree Realty worth $73,982,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Centersquare Investment Management LLC lifted its position in shares of Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock worth $205,748,000 after purchasing an additional 51,269 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 65.6% in the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust's stock worth $143,268,000 after purchasing an additional 799,185 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Agree Realty by 7.9% in the third quarter. Thrivent Financial for Lutherans now owns 342,915 shares of the real estate investment trust's stock worth $24,361,000 after purchasing an additional 25,236 shares in the last quarter. Strs Ohio lifted its position in shares of Agree Realty by 79.2% in the third quarter. Strs Ohio now owns 194,492 shares of the real estate investment trust's stock worth $13,817,000 after purchasing an additional 85,935 shares in the last quarter. Finally, AGP Franklin LLC bought a new stake in Agree Realty during the third quarter worth $1,398,000. Institutional investors own 97.83% of the company's stock.

Insider Buying and Selling at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the completion of the acquisition, the director directly owned 34,465 shares in the company, valued at approximately $2,587,976.85. This trade represents a 2.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree acquired 13,295 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the acquisition, the chief executive officer owned 675,105 shares of the company's stock, valued at approximately $50,909,668.05. The trade was a 2.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 14,191 shares of company stock worth $1,069,944. Corporate insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Mizuho dropped their price target on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 13th. Morgan Stanley set a $81.00 price target on shares of Agree Realty in a research report on Tuesday, April 21st. Citigroup upped their price target on shares of Agree Realty from $77.00 to $82.50 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Stifel Nicolaus upped their price target on shares of Agree Realty from $83.50 to $84.50 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Finally, BMO Capital Markets lowered shares of Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 price target on the stock. in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.79.

Agree Realty Price Performance

NYSE:ADC opened at $75.42 on Tuesday. Agree Realty Corporation has a one year low of $69.56 and a one year high of $82.08. The company has a market cap of $9.06 billion, a P/E ratio of 40.77, a P/E/G ratio of 2.54 and a beta of 0.50. The firm's fifty day moving average price is $76.69 and its two-hundred day moving average price is $75.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The firm had revenue of $211.49 million for the quarter, compared to the consensus estimate of $195.73 million. During the same period in the previous year, the company earned $0.42 earnings per share. The company's quarterly revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Equities analysts expect that Agree Realty Corporation will post 4.44 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a $0.267 dividend. This represents a $1.07 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, May 29th. Agree Realty's payout ratio is currently 172.97%.

Agree Realty Company 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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