Agree Realty Corporation $ADC Stake Increased by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Agree Realty Corporation (ADC) by 1.4%, acquiring 20,575 shares in Q1, now owning approximately 1.33% of the company valued at $112.67 million.
• The company reported $1.06 earnings per share for the last quarter, surpassing expectations and marking a 15% year-over-year revenue increase.
• Agree Realty's CEO, Joey Agree, purchased 2,100 shares at an average price of $72.08, raising his total ownership to around 635,160 shares.

Raymond James Financial Inc. raised its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,459,633 shares of the real estate investment trust's stock after buying an additional 20,575 shares during the quarter. Raymond James Financial Inc. owned approximately 1.33% of Agree Realty worth $112,669,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in Agree Realty in the 1st quarter valued at about $27,000. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter valued at about $31,000. Capital Advisors Ltd. LLC grew its holdings in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 270 shares during the period. NBC Securities Inc. purchased a new stake in Agree Realty in the 1st quarter valued at about $39,000. Finally, Larson Financial Group LLC grew its holdings in Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 440 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. UBS Group boosted their target price on 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 cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a report on Friday, July 11th. Finally, JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree bought 4,108 shares of the stock in a transaction dated Wednesday, August 13th. The stock was bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer directly owned 633,060 shares of the company's stock, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have bought 6,950 shares of company stock valued at $501,296. Corporate insiders own 1.80% of the company's stock.

Agree Realty Stock Down 1.3%

NYSE:ADC traded down $0.9750 during trading hours on Friday, hitting $73.0650. The stock had a trading volume of 701,347 shares, compared to its average volume of 976,101. 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. The business has a 50 day simple moving average of $73.11 and a two-hundred day simple moving average of $74.28. The company has a market cap of $8.09 billion, a PE ratio of 43.49, a price-to-earnings-growth ratio of 2.38 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. Agree Realty's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

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