The Manufacturers Life Insurance Company Acquires New Shares in Agree Realty Corporation $ADC

Key Points

• The Manufacturers Life Insurance Company acquired 89,493 Agree Realty shares worth approximately $6.8 million, joining other major institutions that have increased their holdings. Institutional investors now own 97.83% of ADC.
• Agree Realty reported quarterly revenue of $216.33 million, up 16.8% year over year and above estimates, but earnings per share of $0.44 missed the $0.48 consensus forecast.
• The REIT announced a monthly dividend of $0.267 per share, representing an annualized yield of about 4.4%. Analysts maintain a “Moderate Buy” consensus with an average price target of $83.94, versus the stock’s reported price of $73.21.

The Manufacturers Life Insurance Company acquired a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 89,493 shares of the real estate investment trust's stock, valued at approximately $6,778,000. The Manufacturers Life Insurance Company owned about 0.07% of Agree Realty at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Agree Realty during the second quarter valued at $1,447,551,000. Cohen & Steers Inc. increased its holdings in shares of Agree Realty by 4.8% in the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust's stock worth $1,015,324,000 after acquiring an additional 649,301 shares during the period. State Street Corp lifted its position in Agree Realty by 1.6% in the 4th quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust's stock valued at $425,350,000 after purchasing an additional 91,766 shares during the last quarter. Principal Financial Group Inc. lifted its position in Agree Realty by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust's stock valued at $341,180,000 after purchasing an additional 232,532 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Agree Realty by 13.9% during the 4th quarter. Centersquare Investment Management LLC now owns 3,299,172 shares of the real estate investment trust's stock valued at $237,639,000 after purchasing an additional 402,943 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.21 on Monday. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 39.36, a PEG ratio of 2.39 and a beta of 0.47. The stock's 50 day moving average price is $76.77 and its 200 day moving average price is $76.78. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.04). Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The firm had revenue of $216.33 million for the quarter, compared to the consensus estimate of $204.53 million. During the same period in the previous year, the business posted $1.06 earnings per share. The business's revenue for the quarter was up 16.8% compared to the same quarter last year. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a dividend of $0.267 per share. This represents a c) dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Monday, August 31st. Agree Realty's payout ratio is presently 172.04%.

Insider Transactions at Agree Realty

In other Agree Realty news, Chairman Richard Agree purchased 5,000 shares of the company's stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the transaction, the chairman owned 90,512 shares in the company, valued at $6,463,461.92. The trade was a 5.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. Robert W. Baird set a $83.00 target price on shares of Agree Realty in a research report on Friday, July 31st. Weiss Ratings raised Agree Realty from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 25th. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Jefferies Financial Group initiated coverage on Agree Realty in a research note on Monday, June 1st. They set a "buy" rating and a $84.00 target price on the stock. Finally, Huntington began coverage on Agree Realty in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and an average price target of $83.94.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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