Allianz Asset Management GmbH Boosts Position in Agree Realty Corporation $ADC

Allianz Asset Management GmbH increased its stake in Agree Realty Corporation (NYSE:ADC) by 17.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,947 shares of the real estate investment trust’s stock after buying an additional 15,618 shares during the period. Allianz Asset Management GmbH owned 0.10% of Agree Realty worth $7,814,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. increased its stake in Agree Realty by 7.2% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 132 shares during the period. Sequoia Financial Advisors LLC increased its stake in 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 period. Journey Strategic Wealth LLC increased its stake in Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust’s stock worth $509,000 after buying an additional 229 shares during the period. Evergreen Capital Management LLC increased its stake in Agree Realty by 5.5% in the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust’s stock worth $344,000 after buying an additional 232 shares during the period. Finally, Transcend Capital Advisors LLC increased its position in Agree Realty by 1.0% during the 1st quarter. Transcend Capital Advisors LLC now owns 24,934 shares of the real estate investment trust’s stock valued at $1,925,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ADC. Barclays cut their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Mizuho cut their target price on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. Morgan Stanley downgraded shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a research report on Friday, July 11th. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Finally, 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 report on Tuesday, August 12th. Eight research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.63.

Agree Realty Stock Down 1.1%

NYSE:ADC opened at $74.95 on Wednesday. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The stock has a market capitalization of $8.29 billion, a P/E ratio of 44.61, a P/E/G ratio of 2.46 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The company’s 50-day simple moving average is $72.29 and its 200-day simple moving average is $73.60.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same period last year, the business earned $1.03 EPS. The company’s revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, equities analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.262 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is 182.74%.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl bought 750 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director directly owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joey Agree bought 3,528 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was bought at an average price of $70.63 per share, with a total value of $249,182.64. Following the completion of the purchase, the chief executive officer directly owned 638,688 shares in the company, valued at $45,110,533.44. This represents a 0.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 36,742 shares of company stock valued at $2,601,704 over the last 90 days. Company insiders own 1.80% of the company’s stock.

Agree Realty 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.