Systematic Financial Management LP Lowers Stake in Agree Realty Corporation $ADC

Key Points

• Systematic Financial Management LP reduced its stake in Agree Realty Corporation by selling 3,593 shares, now holding approximately 324,167 shares valued at $25 million.
• CEO Joey Agree purchased 2,100 shares at $72.08 each, increasing his ownership to 635,160 shares worth about $45.8 million.
• Agree Realty's quarterly earnings exceeded estimates with a reported $1.06 EPS, along with a recent dividend declaration yielding 4.2%.

Systematic Financial Management LP cut its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 324,167 shares of the real estate investment trust's stock after selling 3,593 shares during the quarter. Systematic Financial Management LP owned approximately 0.29% of Agree Realty worth $25,022,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its holdings in 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 during the period. AE Wealth Management LLC bought a new stake in Agree Realty in the first quarter worth about $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 during the period. 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 during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on ADC shares. UBS Group lifted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 20th. 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 report on Wednesday, May 7th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and a consensus price target of $80.50.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the purchase, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased a total of 6,950 shares of company stock worth $501,296 over the last three months. 1.80% of the stock is currently owned by insiders.

Agree Realty Price Performance

NYSE:ADC traded down $0.32 during mid-day trading on Tuesday, hitting $72.17. 1,447,155 shares of the stock traded hands, compared to its average volume of 958,233. The business's 50-day moving average price is $73.04 and its 200 day moving average price is $74.26. The company has a market cap of $7.99 billion, a PE ratio of 42.96, a price-to-earnings-growth ratio of 2.42 and a beta of 0.55. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59.

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

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid 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 4.3%. Agree Realty's payout ratio is currently 182.74%.

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.