William Blair Investment Management LLC Has $25.41 Million Stake in Agree Realty Corporation $ADC

Key Points

• William Blair Investment Management reduced its stake in Agree Realty by 6.7% in the fourth quarter, selling 25,271 shares and leaving it with 352,710 shares valued at about $25.4 million.
• Agree Realty reported strong first-quarter results, with EPS of $0.50 beating estimates and revenue of $211.49 million topping expectations, while revenue rose 18.7% year over year.
• The company also highlighted insider buying and a steady dividend: CEO Joey Agree and Director Greg Lehmkuhl both purchased shares, and Agree Realty declared a quarterly dividend of $0.267 per share, or $1.07 annualized.

William Blair Investment Management LLC lowered its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 6.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 352,710 shares of the real estate investment trust's stock after selling 25,271 shares during the period. William Blair Investment Management LLC owned 0.31% of Agree Realty worth $25,406,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Agree Realty by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust's stock worth $1,133,114,000 after purchasing an additional 84,568 shares during the period. State Street Corp lifted its position in shares of Agree Realty by 0.5% in the 3rd quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust's stock worth $412,954,000 after purchasing an additional 27,546 shares during the period. Principal Financial Group Inc. lifted its position in shares of Agree Realty by 80.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock worth $309,266,000 after purchasing an additional 1,918,427 shares during the period. Centersquare Investment Management LLC lifted its position in shares of Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust's stock worth $205,748,000 after purchasing an additional 51,269 shares during the period. Finally, Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 0.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust's stock worth $167,825,000 after purchasing an additional 15,389 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADC. Robert W. Baird lifted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Mizuho lowered their price objective on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating for the company in a research note on Wednesday, May 13th. Truist Financial lifted their price objective on shares of Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. Barclays lowered their price objective on shares of Agree Realty from $86.00 to $84.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 19th. Finally, UBS Group lifted their price objective on shares of Agree Realty from $82.00 to $91.00 and gave the company a "buy" rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $83.79.

Agree Realty Stock Performance

NYSE:ADC opened at $75.42 on Tuesday. The company has a fifty day moving average of $76.69 and a 200-day moving average of $75.23. The firm has a market capitalization of $9.06 billion, a P/E ratio of 40.77, a P/E/G ratio of 2.54 and a beta of 0.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a twelve month low of $69.56 and a twelve month high of $82.08.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $211.49 million during the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. Agree Realty's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. As a group, sell-side analysts anticipate that Agree Realty Corporation will post 4.44 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.267 per share. This represents a $1.07 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, May 29th. Agree Realty's payout ratio is 172.97%.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $75.09 per share, for a total transaction of $56,317.50. Following the purchase, the director owned 34,465 shares of the company's stock, valued at $2,587,976.85. This trade represents a 2.22% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joey Agree purchased 13,295 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were acquired at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the purchase, the chief executive officer directly owned 675,105 shares in the company, valued at $50,909,668.05. This represents a 2.01% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 14,191 shares of company stock valued at $1,069,944 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Agree Realty Profile

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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