Gilman Hill Asset Management LLC Cuts Stock Holdings in Agree Realty Corporation $ADC

Gilman Hill Asset Management LLC trimmed its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 4.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,755 shares of the real estate investment trust’s stock after selling 485 shares during the period. Gilman Hill Asset Management LLC’s holdings in Agree Realty were worth $859,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADC. Sequoia Financial Advisors LLC boosted its holdings in shares of Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after purchasing an additional 139 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after purchasing an additional 4,551 shares during the period. AE Wealth Management LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $358,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock worth $1,626,000 after purchasing an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Agree Realty by 77.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock worth $8,699,000 after purchasing an additional 49,282 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Down 1.3%

Shares of ADC stock opened at $72.00 on Wednesday. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month 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’s 50 day moving average is $72.73 and its 200 day moving average is $74.29. The stock has a market capitalization of $7.97 billion, a P/E ratio of 42.86, a P/E/G ratio of 2.44 and a beta of 0.56.

Agree Realty (NYSE:ADC) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $173.95 million. During the same quarter last year, the company posted $1.04 earnings per share. The firm’s quarterly 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. Research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.256 per share. This represents a dividend yield of 430.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty’s dividend payout ratio (DPR) is currently 182.74%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADC. Morgan Stanley lowered shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a report on Friday, July 11th. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. UBS Group raised their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Finally, Truist Financial set a $84.00 price objective on shares of Agree Realty in a report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.58.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 4,108 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the purchase, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at $45,675,279. The trade was a 0.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Greg Lehmkuhl bought 750 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director owned 27,684 shares in the company, valued at $2,016,502.56. This represents a 2.78% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 7,700 shares of company stock worth $555,926 in the last quarter. Corporate 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.