Agree Realty Corporation $ADC Position Boosted by Sei Investments Co.

Key Points

• Sei Investments Co. increased its stake in Agree Realty Corporation by 1.7% by purchasing an additional 7,825 shares, bringing its total holdings to 462,078 shares valued at approximately $32.68 million.
• Several institutional investors have significantly raised their stakes in Agree Realty, with Millennium Management LLC leading by increasing its stake by 1,036.9% during the last quarter, now owning 1,171,297 shares worth about $82.52 million.
• Agree Realty announced a monthly dividend of $0.256 per share, yielding about 4.3%, with an ex-dividend date set for August 29th, indicating a high dividend payout ratio of 182.74%.

Sei Investments Co. grew its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 462,078 shares of the real estate investment trust's stock after acquiring an additional 7,825 shares during the period. Sei Investments Co. owned 0.42% of Agree Realty worth $32,678,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can increased its stake in Agree Realty by 43.0% in the 4th quarter. Bank of Montreal Can now owns 17,986 shares of the real estate investment trust's stock valued at $1,267,000 after buying an additional 5,407 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Agree Realty in the 4th quarter valued at about $2,536,000. Treasurer of the State of North Carolina grew its holdings in shares of Agree Realty by 8.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 46,986 shares of the real estate investment trust's stock worth $3,310,000 after purchasing an additional 3,710 shares in the last quarter. Sterling Capital Management LLC increased its stake in Agree Realty by 58.8% in the fourth quarter. Sterling Capital Management LLC now owns 7,002 shares of the real estate investment trust's stock valued at $493,000 after acquiring an additional 2,594 shares during the last quarter. Finally, Mariner LLC grew its position in Agree Realty by 8.3% in the fourth quarter. Mariner LLC now owns 16,350 shares of the real estate investment trust's stock valued at $1,152,000 after acquiring an additional 1,260 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Down 0.7%

Shares of NYSE ADC traded down $0.50 during trading on Monday, reaching $72.06. The stock had a trading volume of 1,463,473 shares, compared to its average volume of 1,194,245. The company has a market cap of $7.97 billion, a P/E ratio of 42.89, a PEG ratio of 2.36 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 company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The business's 50-day moving average price is $73.24 and its 200-day moving average price is $74.26.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. During the same quarter last year, the company earned $1.04 earnings per share. The firm's revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities 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 declared a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty's dividend payout ratio is 182.74%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. UBS Group lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $80.61.

Insider Activity

In other news, CEO Joey Agree acquired 2,100 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $72.08 per share, with a total value of $151,368.00. Following the completion of the transaction, the chief executive officer directly owned 635,160 shares in the company, valued at approximately $45,782,332.80. This represents a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have bought a total of 6,950 shares of company stock valued at $501,296 over the last quarter. 1.80% of the stock is owned by corporate insiders.

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.