Voya Investment Management LLC cut its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,720 shares of the real estate investment trust's stock after selling 7,410 shares during the quarter. Voya Investment Management LLC's holdings in Agree Realty were worth $982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently made changes to their positions in the business. GF Fund Management CO. LTD. lifted its holdings in shares of 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 worth $151,000 after acquiring an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of 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 worth $365,000 after acquiring an additional 139 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in shares of 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 worth $531,000 after acquiring an additional 187 shares during the last quarter. Journey Strategic Wealth LLC lifted its holdings in shares of 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 worth $509,000 after acquiring an additional 229 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in shares of 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 worth $344,000 after acquiring an additional 232 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Agree Realty news, Director Greg Lehmkuhl bought 750 shares of the company's stock in a transaction dated Friday, September 5th. The shares were purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the acquisition, the director owned 27,684 shares in the company, valued at approximately $2,016,502.56. This represents a 2.78% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joey Agree bought 2,100 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the acquisition, the chief executive officer owned 635,160 shares in the company, valued at approximately $45,782,332.80. This represents a 0.33% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 7,700 shares of company stock worth $555,926. Company insiders own 1.80% of the company's stock.
Analyst Ratings Changes
A number of brokerages have recently weighed in on ADC. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. Evercore ISI lifted their target price on shares of Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. UBS Group lifted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Finally, Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research note on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $80.58.
Get Our Latest Stock Analysis on Agree Realty
Agree Realty Stock Up 0.7%
Shares of Agree Realty stock opened at $71.39 on Wednesday. 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's fifty day simple moving average is $72.72 and its two-hundred day simple moving average is $74.17. The company has a market cap of $7.90 billion, a P/E ratio of 42.49, a PEG ratio of 2.37 and a beta of 0.56. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.
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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business 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%. The company's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.
Agree Realty Dividend Announcement
The firm also recently announced 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. This represents a dividend yield of 430.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty's payout ratio is 182.74%.
Agree Realty Profile
(
Free Report)
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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