Resolution Capital Ltd Acquires 192,660 Shares of Agree Realty Corporation $ADC

Key Points

• Resolution Capital Ltd increased its stake in Agree Realty Corporation by 27.0%, acquiring an additional 192,660 shares in the first quarter, bringing its total holdings to 907,475 shares valued at approximately $70 million.
• In recent analyst reports, Barclays and Morgan Stanley have lowered their price targets for Agree Realty, with Barclays setting a new target of $77.00, while nine analysts rated the stock as a Buy and six as a Hold.
• Agree Realty announced a monthly dividend of $0.256 per share, representing an annualized yield of 4.2%, with the payout scheduled for September 15th for shareholders on record by August 29th.

Resolution Capital Ltd grew its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 27.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 907,475 shares of the real estate investment trust's stock after buying an additional 192,660 shares during the quarter. Agree Realty accounts for about 1.4% of Resolution Capital Ltd's holdings, making the stock its 18th biggest position. Resolution Capital Ltd owned approximately 0.82% of Agree Realty worth $70,048,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. GF Fund Management CO. LTD. grew its holdings in shares of Agree Realty by 7.2% during the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after buying an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in 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 valued at $365,000 after acquiring an additional 139 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its stake in Agree Realty by 2.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after acquiring an additional 187 shares in the last quarter. Journey Strategic Wealth LLC lifted its stake in Agree Realty by 3.6% during the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after acquiring an additional 229 shares in the last quarter. Finally, Evergreen Capital Management LLC lifted its stake in Agree Realty by 5.5% during the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 232 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADC has been the topic of several recent analyst reports. Barclays dropped their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 20th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research note on Friday, July 11th. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. Finally, Mizuho dropped their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree acquired 2,100 shares of the company's stock in a transaction on Thursday, August 14th. The shares were acquired at an average cost of $72.08 per share, with a total value of $151,368.00. Following the completion of the acquisition, the chief executive officer directly owned 635,160 shares in the company, valued at $45,782,332.80. This trade represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought 6,950 shares of company stock worth $501,296 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Agree Realty Trading Up 1.4%

NYSE ADC opened at $72.99 on Friday. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The business's fifty day moving average is $72.74 and its 200-day moving average is $74.29. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 2.41 and a beta of 0.56. 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 released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million for 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%. The company's revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.