Twin Tree Management LP Boosts Stake in Agree Realty Corporation $ADC

Key Points

• Twin Tree Management LP significantly increased its stake in Agree Realty Corporation by acquiring 86,159 shares, raising its ownership to approximately 0.08% of the company, valued at $6.65 million.
• Institutional investors own 97.83% of Agree Realty, with Vanguard Group increasing its holdings by 2.5% and JPMorgan Chase & Co. by 17.8% during the first quarter.
• The company announced a monthly dividend of $0.256 per share, representing a yield of 4.2%, and had a strong quarterly earnings report with $1.06 EPS, surpassing estimates.

Twin Tree Management LP grew its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 615,421.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,173 shares of the real estate investment trust's stock after purchasing an additional 86,159 shares during the period. Twin Tree Management LP owned approximately 0.08% of Agree Realty worth $6,652,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Evergreen Capital Management LLC grew its position in shares of Agree Realty by 5.5% during the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after purchasing an additional 232 shares in the last quarter. Ceredex Value Advisors LLC grew its position in Agree Realty by 14.9% in the first quarter. Ceredex Value Advisors LLC now owns 165,382 shares of the real estate investment trust's stock worth $12,766,000 after acquiring an additional 21,400 shares in the last quarter. Corebridge Financial Inc. grew its position in Agree Realty by 1.1% in the first quarter. Corebridge Financial Inc. now owns 118,186 shares of the real estate investment trust's stock worth $9,123,000 after acquiring an additional 1,274 shares in the last quarter. MetLife Investment Management LLC grew its position in Agree Realty by 1.7% in the first quarter. MetLife Investment Management LLC now owns 62,398 shares of the real estate investment trust's stock worth $4,817,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Walleye Capital LLC grew its position in Agree Realty by 183.5% in the first quarter. Walleye Capital LLC now owns 14,925 shares of the real estate investment trust's stock worth $1,152,000 after acquiring an additional 9,661 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on ADC shares. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research report on Friday, July 11th. Mizuho dropped their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Barclays dropped their price target on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 20th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday, August 8th. Finally, Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.50.

Agree Realty Trading Down 0.5%

Shares of Agree Realty stock traded down $0.37 on Wednesday, hitting $71.83. 1,119,495 shares of the company traded hands, compared to its average volume of 890,282. The company has a market cap of $7.95 billion, a PE ratio of 17.36, a PEG ratio of 2.43 and a beta of 0.56. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The stock's 50 day moving average price is $72.75 and its 200-day moving average price is $74.27.

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, topping analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

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 yield of 4.3%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty's dividend payout ratio is presently 182.74%.

Insider Buying and Selling

In other news, CEO Joey Agree bought 2,100 shares of the stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $72.08 per share, with a total value of $151,368.00. Following the purchase, the chief executive officer directly owned 635,160 shares in the company, valued at $45,782,332.80. The trade was a 0.33% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have acquired 6,950 shares of company stock valued at $501,296 over the last 90 days. 1.80% of the stock is currently 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.