Insider Buying: Agree Realty Corporation (NYSE:ADC) CEO Purchases 2,100 Shares of Stock

Key Points

• Joey Agree, CEO of Agree Realty Corporation (NYSE:ADC), purchased 2,100 shares of stock on August 14th at an average cost of $72.08, totaling $151,368, increasing his total ownership to 635,160 shares.
• Agree Realty's quarterly earnings report showed a 15% revenue growth year-over-year, reporting $175.53 million for the quarter with an earnings per share (EPS) of $1.06.
• The company announced a monthly dividend of $0.256 per share, with an expected yield of 4.2%, and has a payout ratio of 182.74%.

Agree Realty Corporation (NYSE:ADC - Get Free Report) CEO Joey Agree acquired 2,100 shares of Agree Realty stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $72.08 per share, for a total transaction of $151,368.00. Following the completion of the purchase, the chief executive officer owned 635,160 shares in the company, valued at approximately $45,782,332.80. The trade was a 0.33% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Joey Agree also recently made the following trade(s):

• On Wednesday, August 13th, Joey Agree acquired 742 shares of Agree Realty stock. The stock was purchased at an average cost of $72.15 per share, for a total transaction of $53,535.30.
• On Wednesday, August 13th, Joey Agree acquired 4,108 shares of Agree Realty stock. The stock was purchased at an average cost of $72.15 per share, for a total transaction of $296,392.20.

Agree Realty Stock Performance

Shares of NYSE ADC traded down $0.05 during midday trading on Monday, hitting $72.51. The company's stock had a trading volume of 129,383 shares, compared to its average volume of 1,185,431. The stock has a fifty day moving average price of $73.24 and a 200 day moving average price of $74.26. Agree Realty Corporation has a one year low of $67.58 and a one year 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 market capitalization of $8.02 billion, a price-to-earnings ratio of 43.14, a P/E/G ratio of 2.36 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The company's quarterly revenue was up 15.0% compared to the same quarter last year. On average, research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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 paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty's payout ratio is currently 182.74%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ADC shares. UBS Group upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Robert W. Baird upped their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Morgan Stanley downgraded shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target for the company. in a research note on Friday, July 11th. Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Barclays raised 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 research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.61.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC increased 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 buying an additional 139 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Agree Realty by 61.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after buying an additional 4,551 shares during the last quarter. AE Wealth Management LLC bought a new position in shares of Agree Realty in the 1st quarter worth $358,000. Oppenheimer Asset Management Inc. increased 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 buying an additional 1,941 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of 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 worth $8,699,000 after buying an additional 49,282 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Company 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.

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