United Services Automobile Association Purchases Shares of 6,555 Agree Realty Corporation $ADC

Key Points

• United Services Automobile Association has acquired a new stake in Agree Realty Corporation, purchasing 6,555 shares valued at approximately $502,000 in the first quarter.
• The company declared a dividend of $0.256, set to be paid on October 14th, representing a yield of 4.30%, with a payout ratio of 182.74%.
• Agree Realty reported earnings of $1.06 per share for the last quarter, beating estimates, with revenue up 15% year-over-year to $175.53 million.

United Services Automobile Association bought a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,555 shares of the real estate investment trust's stock, valued at approximately $502,000.

Other institutional investors also recently modified their holdings of the company. Millennium Management LLC boosted its stake in shares of Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after acquiring an additional 1,068,271 shares in the last quarter. Nuveen LLC purchased a new position in Agree Realty in the 1st quarter worth about $64,759,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Agree Realty by 524.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust's stock worth $49,838,000 after purchasing an additional 594,080 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Agree Realty during the 1st quarter worth about $41,114,000. Finally, Wellington Management Group LLP lifted its stake in Agree Realty by 664.6% during the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust's stock valued at $41,625,000 after buying an additional 513,571 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Truist Financial set a $84.00 target price on shares of Agree Realty in a research report on Friday, August 8th. Mizuho lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set a "neutral" rating on the stock in a research report on Thursday. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a report on Friday, July 11th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Finally, UBS Group upped their price target on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and a consensus price target of $80.42.

Insider Buying and Selling

In other news, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer owned 633,060 shares of the company's stock, valued at $45,675,279. This represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Greg Lehmkuhl bought 750 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director directly owned 27,684 shares in the company, valued at approximately $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. Insiders purchased a total of 7,700 shares of company stock worth $555,926 over the last three months. 1.80% of the stock is owned by company insiders.

Agree Realty Stock Down 0.9%

NYSE ADC traded down $0.63 on Friday, reaching $73.11. The stock had a trading volume of 790,499 shares, compared to its average volume of 914,160. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The business has a 50 day moving average price of $72.70 and a 200 day moving average price of $74.31. 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 company has a market capitalization of $8.09 billion, a price-to-earnings ratio of 43.52, a P/E/G ratio of 2.46 and a beta of 0.56.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 430.0%. Agree Realty's dividend 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.