Corton Capital Inc. Purchases New Stake in Agree Realty Corporation $ADC

Corton Capital Inc. acquired a new position in shares of Agree Realty Corporation (NYSE:ADC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,359 shares of the real estate investment trust’s stock, valued at approximately $245,000.

A number of other large investors also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. acquired a new stake in shares of Agree Realty during the 1st quarter worth approximately $27,000. Farther Finance Advisors LLC lifted 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 valued at $28,000 after buying an additional 306 shares during the period. SVB Wealth LLC bought a new position in Agree Realty in the first quarter valued at approximately $33,000. Larson Financial Group LLC grew its holdings in Agree Realty by 415.1% during the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 440 shares during the period. Finally, IFP Advisors Inc acquired a new stake in Agree Realty during the 2nd quarter worth $69,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, with a total value of $54,630.00. Following the transaction, the director owned 27,684 shares of the company’s stock, valued at $2,016,502.56. The trade was a 2.78% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 25,154 shares of the stock in a transaction on Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the acquisition, the director owned 553,700 shares in the company, valued at approximately $38,986,017. This represents a 4.76% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 36,742 shares of company stock valued at $2,601,704. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADC. KeyCorp increased their price target on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Mizuho cut their price target 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. Finally, Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Agree Realty Trading Up 0.0%

NYSE ADC opened at $73.02 on Tuesday. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market cap of $8.39 billion, a P/E ratio of 42.70, a P/E/G ratio of 2.28 and a beta of 0.55. The stock’s 50-day moving average is $72.49 and its 200-day moving average is $73.57.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.Agree Realty’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Sell-side 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 disclosed a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.262 per share. 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 4.3%. The ex-dividend date of this dividend is Friday, October 31st. Agree Realty’s payout ratio is currently 183.63%.

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.