VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Holdings in Agree Realty Corporation $ADC

Key Points

• Virginia Retirement Systems acquired a new stake in Agree Realty Corporation, adding 152,168 shares valued at approximately $11.1 million, representing 0.14% ownership of the company.
• Insider trading activity included CEO Joey Agree purchasing 3,528 shares and Director John Rakolta, Jr. buying 25,154 shares, indicating confidence in the company as stock prices remain stable around $70.
• Agree Realty announced an increase in its monthly dividend to $0.262, reflecting a yield of 4.1%, with the ex-dividend date set for October 31st.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Agree Realty Corporation (NYSE:ADC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 152,168 shares of the real estate investment trust's stock, valued at approximately $11,117,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.14% of Agree Realty at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Easterly Investment Partners LLC bought a new position in Agree Realty in the 2nd quarter valued at approximately $16,852,000. Allianz Asset Management GmbH raised its holdings in Agree Realty by 17.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 106,947 shares of the real estate investment trust's stock worth $7,814,000 after purchasing an additional 15,618 shares during the last quarter. New York State Teachers Retirement System raised its holdings in Agree Realty by 0.5% during the 2nd quarter. New York State Teachers Retirement System now owns 114,582 shares of the real estate investment trust's stock worth $8,371,000 after purchasing an additional 606 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Agree Realty by 280.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,981 shares of the real estate investment trust's stock worth $1,314,000 after purchasing an additional 13,252 shares during the last quarter. Finally, Yousif Capital Management LLC raised its holdings in Agree Realty by 0.9% during the 2nd quarter. Yousif Capital Management LLC now owns 40,406 shares of the real estate investment trust's stock worth $2,952,000 after purchasing an additional 370 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 3,528 shares of Agree Realty stock in a transaction that occurred on Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, with a total value of $249,182.64. Following the transaction, the chief executive officer owned 638,688 shares in the company, valued at $45,110,533.44. This trade represents a 0.56% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Rakolta, Jr. purchased 25,154 shares of Agree Realty stock in a transaction that occurred on Tuesday, October 7th. The stock was acquired at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the transaction, the director owned 553,700 shares in the company, valued at $38,986,017. This trade represents a 4.76% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 36,742 shares of company stock worth $2,601,704. 1.80% of the stock is owned by company insiders.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.76 on Tuesday. The company has a market cap of $8.38 billion, a price-to-earnings ratio of 45.10, a price-to-earnings-growth ratio of 2.44 and a beta of 0.55. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week 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. The firm has a 50 day moving average of $72.25 and a 200-day moving average of $73.59.

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

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, October 31st. This is an increase from Agree Realty's previous monthly dividend of $0.26. Agree Realty's payout ratio is 186.90%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ADC shares. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. UBS Group raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a report on Friday, July 11th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Agree Realty in a research report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.63.

Agree Realty Company Profile

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.

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