Virtu Financial LLC Acquires New Holdings in Agree Realty Corporation $ADC

Key Points

• Virtu Financial LLC acquired a new position in Agree Realty Corporation by purchasing 6,198 shares worth approximately $478,000 during the first quarter of the year.
• Several hedge funds, including Vanguard Group Inc. and JPMorgan Chase & Co., have increased their stakes in Agree Realty, indicating strong institutional interest in the company.
• Agree Realty announced a monthly dividend of $0.256 per share, representing a yield of 4.3%, with the next payment scheduled for September 15th.

Virtu Financial LLC acquired 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 acquired 6,198 shares of the real estate investment trust's stock, valued at approximately $478,000.

A number of other hedge funds also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its stake in Agree Realty by 3.0% during 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 purchasing an additional 139 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after buying an additional 4,551 shares during the last quarter. AE Wealth Management LLC bought a new stake in shares of Agree Realty during the first quarter worth about $358,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Agree Realty by 10.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after acquiring an additional 1,941 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its position in Agree Realty by 77.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after acquiring an additional 49,282 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Down 0.2%

Shares of NYSE ADC traded down $0.16 during trading on Monday, reaching $72.40. The company had a trading volume of 218,107 shares, compared to its average volume of 1,186,110. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month 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 business's 50-day moving average is $73.24 and its 200 day moving average is $74.26. The stock has a market cap of $8.01 billion, a PE ratio of 43.13, a P/E/G ratio of 2.36 and a beta of 0.55.

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, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million for 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.04 EPS. As a group, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.256 dividend. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, August 29th. Agree Realty's payout ratio is presently 182.74%.

Insiders Place Their Bets

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 acquired at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the purchase, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 6,950 shares of company stock valued at $501,296. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ADC shares. UBS Group upped their price target on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Mizuho reduced their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a research report on Friday, July 11th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Finally, Barclays increased their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.61.

Agree Realty 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.