Resona Asset Management Co. Ltd. Increases Stock Holdings in Agree Realty Corporation $ADC

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Agree Realty Corporation by 13.2%, acquiring an additional 5,444 shares during the first quarter, bringing its total to 46,677 shares valued at approximately $3.58 million.
• Research firms have issued mixed ratings for Agree Realty, with nine analysts rating it a buy and one analyst downgrading it to a sell, resulting in an average rating of "Moderate Buy" with a consensus price target of $80.61.
• CEO Joey Agree made a significant purchase of 4,108 shares at an average price of $72.15 per share, increasing his ownership stake to 633,060 shares valued at around $45.68 million.

Resona Asset Management Co. Ltd. lifted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 13.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,677 shares of the real estate investment trust's stock after purchasing an additional 5,444 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Agree Realty were worth $3,579,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Sequoia Financial Advisors LLC raised its stake in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 139 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Agree Realty by 61.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after acquiring an additional 4,551 shares in the last quarter. AE Wealth Management LLC purchased a new position in Agree Realty in the first quarter worth $358,000. Oppenheimer Asset Management Inc. raised its position in Agree Realty by 10.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after acquiring an additional 1,941 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position in Agree Realty by 77.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after acquiring an additional 49,282 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on ADC. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Mizuho lowered their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Finally, Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $80.50.

Agree Realty Price Performance

Shares of ADC traded down $0.03 during trading hours on Thursday, reaching $73.86. 228,878 shares of the company traded hands, compared to its average volume of 1,184,550. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $8.17 billion, a PE ratio of 43.96, a price-to-earnings-growth ratio of 2.39 and a beta of 0.55. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The stock has a fifty day simple moving average of $73.15 and a 200 day simple moving average of $74.25.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The business's revenue for the quarter was up 15.0% compared to the same quarter last year. 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. As a group, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.256 per share. The ex-dividend date 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%.

Insider Activity at Agree Realty

In other news, CEO Joey Agree acquired 4,108 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the acquisition, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders bought 6,950 shares of company stock valued at $501,296. Company insiders own 1.80% of the company's stock.

About Agree Realty

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.