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

Agree Realty Corporation (NYSE:ADC) CEO Joey Agree bought 3,528 shares of Agree Realty stock in a transaction on Thursday, October 2nd. The shares were acquired at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the acquisition, the chief executive officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, August 14th, Joey Agree bought 2,100 shares of Agree Realty stock. The shares were acquired at an average price of $72.08 per share, for a total transaction of $151,368.00.
• On Wednesday, August 13th, Joey Agree bought 742 shares of Agree Realty stock. The shares were acquired at an average price 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 price of $72.15 per share, for a total transaction of $296,392.20.

Agree Realty Price Performance

Shares of ADC opened at $70.50 on Friday. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The firm’s fifty day simple moving average is $72.41 and its 200-day simple moving average is $73.87. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 2.30 and a beta of 0.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating 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 business had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. During the same period last year, the business earned $1.04 EPS. The company’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. Equities 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 sep 25 dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a $0.256 dividend. This represents a dividend yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty’s dividend payout ratio (DPR) is presently 182.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Agree Realty by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock worth $1,119,037,000 after purchasing an additional 403,048 shares during the last quarter. State Street Corp grew its position in Agree Realty by 7.1% during the 2nd quarter. State Street Corp now owns 5,764,979 shares of the real estate investment trust’s stock worth $422,629,000 after purchasing an additional 381,438 shares during the last quarter. Geode Capital Management LLC grew its position in Agree Realty by 6.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after purchasing an additional 170,827 shares during the last quarter. Centersquare Investment Management LLC grew its position in Agree Realty by 10.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock worth $187,723,000 after purchasing an additional 234,641 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock worth $180,487,000 after purchasing an additional 353,884 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ADC shares. Truist Financial set a $84.00 price objective on shares of Agree Realty in a report on Friday, August 8th. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. UBS Group increased 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. 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. Finally, Evercore ISI increased their target price on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $80.63.

About Agree Realty

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.