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

Other large investors also recently made changes to their positions in the company. GF Fund Management CO. LTD. grew its holdings in Agree Realty by 7.2% in the 1st 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 holdings in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares during the period. Azzad Asset Management Inc. ADV grew its holdings in Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after buying an additional 187 shares during the period. Journey Strategic Wealth LLC grew its holdings in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after buying an additional 229 shares during the period. Finally, Evergreen Capital Management LLC grew its holdings in Agree Realty by 5.5% in the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after buying an additional 232 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree bought 4,108 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $72.15 per share, with a total value of $296,392.20. Following the transaction, the chief executive officer directly owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Greg Lehmkuhl bought 750 shares of the business's stock in a transaction on Friday, September 5th. The stock was acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares in the company, valued at $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 7,700 shares of company stock worth $555,926 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Evercore ISI lifted their price target on Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a report on Monday. Wall Street Zen cut Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. Mizuho lowered their price target on Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. Finally, UBS Group raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $80.58.

Agree Realty Stock Down 0.7%

Agree Realty stock traded down $0.53 during midday trading on Tuesday, hitting $72.43. 146,535 shares of the company were exchanged, compared to its average volume of 1,157,534. The company's fifty day moving average price is $72.72 and its 200-day moving average price is $74.31. The company has a market cap of $8.02 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.Agree Realty's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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