William Blair Investment Management LLC Cuts Stake in Agree Realty Corporation $ADC

Key Points

• William Blair Investment Management LLC has reduced its stake in Agree Realty Corporation by 44.1%, owning 376,499 shares worth approximately $27.5 million after selling 296,737 shares in the second quarter.
• Insiders, including CEO Joey Agree and Craig Erlich, have increased their positions by purchasing shares, indicating confidence in the company's future performance.
• Agree Realty has declared a monthly dividend of $0.262, an increase from its previous dividend of $0.26, reflecting a steady commitment to returning value to shareholders.

William Blair Investment Management LLC lowered its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 44.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 376,499 shares of the real estate investment trust's stock after selling 296,737 shares during the quarter. William Blair Investment Management LLC owned approximately 0.34% of Agree Realty worth $27,507,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADC. Nuveen LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $64,759,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Agree Realty during the 1st quarter valued at approximately $41,114,000. Burkehill Global Management LP increased its stake in Agree Realty by 450.0% in the 1st quarter. Burkehill Global Management LP now owns 550,000 shares of the real estate investment trust's stock worth $42,454,000 after acquiring an additional 450,000 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Agree Realty by 72.1% during the 1st quarter. Wellington Management Group LLP now owns 1,016,593 shares of the real estate investment trust's stock worth $78,471,000 after acquiring an additional 425,748 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of Agree Realty by 98.7% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 821,090 shares of the real estate investment trust's stock worth $63,380,000 after acquiring an additional 407,820 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Insiders Place Their Bets

In other Agree Realty news, insider Craig Erlich purchased 360 shares of Agree Realty stock in a transaction dated Friday, October 3rd. The shares were purchased at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the completion of the acquisition, the insider owned 52,846 shares in the company, valued at $3,743,610.64. This represents a 0.69% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joey Agree purchased 3,528 shares of Agree Realty stock in a transaction dated Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the acquisition, the chief executive officer owned 638,688 shares of the company's stock, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 36,742 shares of company stock valued at $2,601,704. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Morgan Stanley cut 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. Truist Financial set a $84.00 target price on shares of Agree Realty in a report on Friday, August 8th. UBS Group upped their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Evercore ISI lifted their price target on Agree Realty from $83.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Eight research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $80.63.

Agree Realty Price Performance

Agree Realty stock opened at $75.16 on Monday. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. 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 firm has a 50-day moving average price of $72.19 and a 200-day moving average price of $73.58. The firm has a market capitalization of $8.32 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 2.44 and a beta of 0.55.

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

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.262 dividend. The ex-dividend date is Friday, October 31st. This is a positive change from Agree Realty's previous monthly dividend of $0.26. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is currently 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.

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