156,187 Shares in Agree Realty Corporation $ADC Purchased by Strs Ohio

Key Points

• Strs Ohio has acquired 156,187 shares of Agree Realty Corporation for approximately $12 million, representing around 0.14% ownership at the end of the last quarter.
• Institutional investors collectively own about 97.83% of Agree Realty's stock, indicating strong institutional support for the company.
• Agree Realty announced a dividend of $0.256 per share to be paid on October 14, 2023, with a yield of 430.0% and a dividend payout ratio of 182.74%.

Strs Ohio bought a new position in Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 156,187 shares of the real estate investment trust's stock, valued at approximately $12,056,000. Strs Ohio owned about 0.14% of Agree Realty at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. GF Fund Management CO. LTD. increased its stake 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 period. Sequoia Financial Advisors LLC grew its stake in Agree Realty by 3.0% in 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 period. Azzad Asset Management Inc. ADV grew its stake in Agree Realty by 2.8% in the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock worth $531,000 after purchasing an additional 187 shares during the period. Journey Strategic Wealth LLC grew its stake in Agree Realty by 3.6% in the first quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock worth $509,000 after purchasing an additional 229 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in Agree Realty by 5.5% in the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock worth $344,000 after purchasing an additional 232 shares during the period. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.6%

ADC stock traded down $0.40 on Thursday, hitting $71.58. 515,795 shares of the company's stock were exchanged, compared to its average volume of 878,349. The firm has a 50 day moving average price of $72.76 and a two-hundred day moving average price of $74.26. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month 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 stock has a market cap of $7.92 billion, a P/E ratio of 42.61, a price-to-earnings-growth ratio of 2.41 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping 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 firm had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the business earned $1.04 earnings per share. The company's revenue was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities research analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is 182.74%.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree acquired 2,100 shares of the stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $72.08 per share, with a total value of $151,368.00. Following the acquisition, the chief executive officer owned 635,160 shares of the company's stock, valued at $45,782,332.80. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction dated Friday, September 5th. The shares were bought at an average price of $72.84 per share, with a total value of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares in the company, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 7,700 shares of company stock worth $555,926. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADC. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Mizuho lowered their target price on Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, September 11th. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research 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 research report on Friday, July 11th. Finally, Evercore ISI increased their target price on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $80.58.

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.