Westpac Banking Corp Takes Position in Agree Realty Corporation $ADC

Key Points

• Westpac Banking Corp acquired 25,768 shares of Agree Realty worth approximately $1.95 million, while institutional investors collectively own 97.83% of the REIT.
• Agree Realty reported quarterly revenue of $216.33 million, up 16.8% year over year and above estimates, but earnings per share of $0.44 missed the $0.48 consensus forecast.
• The company announced a monthly dividend of $0.267 per share, representing an annualized yield of about 4.3%; analysts maintain a “Moderate Buy” consensus with an average price target of $83.94.

Westpac Banking Corp bought a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 25,768 shares of the real estate investment trust's stock, valued at approximately $1,952,000.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Agree Realty in the second quarter valued at approximately $1,447,551,000. Principal Financial Group Inc. lifted its position in shares of Agree Realty by 80.8% during the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock worth $309,266,000 after acquiring an additional 1,918,427 shares in the last quarter. Norges Bank bought a new position in Agree Realty in the 4th quarter worth about $116,114,000. Deutsche Bank AG bought a new position in shares of Agree Realty in the second quarter valued at approximately $104,747,000. Finally, Engineers Gate Manager LP grew its position in shares of Agree Realty by 3,043.2% during the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust's stock valued at $85,156,000 after purchasing an additional 1,144,617 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

NYSE ADC opened at $73.95 on Friday. The business's 50 day moving average price is $76.78 and its 200-day moving average price is $76.76. The company has a market cap of $9.20 billion, a P/E ratio of 39.76, a P/E/G ratio of 2.43 and a beta of 0.47. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 0.82. Agree Realty Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The business had revenue of $216.33 million during the quarter, compared to the consensus estimate of $204.53 million. During the same period last year, the company earned $1.06 EPS. The business's revenue was up 16.8% compared to the same quarter last year. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Sell-side analysts predict that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.267 per share. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Monday, August 31st. Agree Realty's payout ratio is 172.04%.

Insider Activity

In related news, Chairman Richard Agree purchased 5,000 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $71.41 per share, with a total value of $357,050.00. Following the completion of the acquisition, the chairman owned 90,512 shares in the company, valued at approximately $6,463,461.92. This represents a 5.85% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADC. Barclays increased their price objective on Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Weiss Ratings downgraded shares of Agree Realty from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Robert W. Baird set a $83.00 target price on shares of Agree Realty in a report on Friday, July 31st. Citigroup increased their target price on Agree Realty from $77.00 to $82.50 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Huntington started coverage on Agree Realty in a research report on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $83.94.

About Agree Realty

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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