Insider Buying: Agree Realty (NYSE:ADC) CEO Purchases 3,528 Shares of Stock

Key Points

• Joey Agree, CEO of Agree Realty, purchased 3,528 shares of the company's stock at an average price of $70.63, totaling approximately $249,182.64, resulting in a 0.56% increase in his ownership.
• Agree Realty Corporation recently reported quarterly earnings of $1.06 per share, exceeding analysts' expectations, with revenue up 15% year-over-year.
• The company declared a dividend of $0.256 per share, to be paid on October 14th, with an ex-dividend date of September 30th, reflecting a high dividend payout ratio of 182.74%.

Agree Realty Corporation (NYSE:ADC - Get Free Report) CEO Joey Agree purchased 3,528 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was bought at an average cost of $70.63 per share, with a total value of $249,182.64. Following the completion of the purchase, the chief executive officer owned 638,688 shares of the company's stock, valued at $45,110,533.44. This represents a 0.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Thursday, August 14th, Joey Agree purchased 2,100 shares of Agree Realty stock. The stock was bought at an average cost of $72.08 per share, with a total value of $151,368.00.
• On Wednesday, August 13th, Joey Agree purchased 742 shares of Agree Realty stock. The stock was bought at an average cost of $72.15 per share, with a total value of $53,535.30.
• On Wednesday, August 13th, Joey Agree purchased 4,108 shares of Agree Realty stock. The stock was bought at an average cost of $72.15 per share, with a total value of $296,392.20.

Agree Realty Price Performance

ADC stock opened at $70.64 on Friday. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a market cap of $7.82 billion, a P/E ratio of 42.05, a PEG ratio of 2.34 and a beta of 0.55. The firm has a 50-day moving average of $72.47 and a 200 day moving average of $73.93. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $173.95 million. During the same period in the prior year, the firm earned $1.04 earnings per share. Agree Realty's revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, sell-side analysts forecast 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. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a dividend yield of 432.0%. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new stake in shares of Agree Realty during the first quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its holdings in Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC purchased a new stake in Agree Realty in the first quarter worth approximately $33,000. Capital Advisors Ltd. LLC boosted its holdings in Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 270 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in Agree Realty in the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ADC shares. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Truist Financial set a $84.00 target price on shares of Agree Realty in a research note on Friday, August 8th. UBS Group raised their target price 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. Barclays decreased their target price on shares of Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 20th. Finally, Evercore ISI raised their target price on shares of Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $80.58.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.