Sequoia Financial Advisors LLC Raises Position in Agree Realty Corporation $ADC

Key Points

• Sequoia Financial Advisors LLC increased its stake in Agree Realty Corporation by 280.2% in Q2, now holding 17,981 shares worth approximately $1.31 million.
• Insider transactions increased with Director John Rakolta, Jr. acquiring 25,154 shares, boosting his ownership by 4.76%, signifying confidence in the company's prospects.
• Agree Realty is set to pay a monthly dividend of $0.262 per share, an increase from the prior $0.26, reflecting a yield of 4.2% for investors.

Sequoia Financial Advisors LLC grew its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 280.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 17,981 shares of the real estate investment trust's stock after buying an additional 13,252 shares during the period. Sequoia Financial Advisors LLC's holdings in Agree Realty were worth $1,314,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new stake in Agree Realty during the first quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its stake in Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 306 shares in the last quarter. SVB Wealth LLC purchased a new stake in Agree Realty during the first quarter valued at $33,000. Larson Financial Group LLC raised its stake in Agree Realty by 415.1% during the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 440 shares in the last quarter. Finally, IFP Advisors Inc bought a new position in Agree Realty during the second quarter valued at $69,000. 97.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 25,154 shares of the company's stock in a transaction that occurred on Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the acquisition, the director directly owned 553,700 shares of the company's stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Greg Lehmkuhl acquired 750 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director directly owned 27,684 shares of the company's stock, valued at $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 36,742 shares of company stock worth $2,601,704. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADC. Evercore ISI upped their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Mizuho decreased their price target on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a research report on Thursday, September 11th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Agree Realty in a research report on Wednesday, October 8th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Finally, Morgan Stanley cut shares of 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. Eight equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $80.63.

Agree Realty Stock Performance

Shares of ADC opened at $74.53 on Friday. The stock has a 50 day moving average price of $72.15 and a 200 day moving average price of $73.63. 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 company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 44.36, a price-to-earnings-growth ratio of 2.40 and a beta of 0.55. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65.

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 for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm's revenue for the quarter was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a dividend of $0.262 per share. This is a boost from Agree Realty's previous monthly dividend of $0.26. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, October 31st. Agree Realty's dividend payout ratio is currently 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.

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