Lecap Asset Management Ltd. Acquires Shares of 13,955 Agree Realty Corporation $ADC

Lecap Asset Management Ltd. acquired a new stake in Agree Realty Corporation (NYSE:ADC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 13,955 shares of the real estate investment trust’s stock, valued at approximately $1,020,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. GC Wealth Management RIA LLC bought a new position in Agree Realty in the second quarter valued at approximately $322,000. Signaturefd LLC boosted its stake in Agree Realty by 7.5% in the second quarter. Signaturefd LLC now owns 10,714 shares of the real estate investment trust’s stock valued at $783,000 after acquiring an additional 748 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Agree Realty by 4.9% in the second quarter. State of Alaska Department of Revenue now owns 65,357 shares of the real estate investment trust’s stock valued at $4,773,000 after acquiring an additional 3,037 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Agree Realty by 0.7% during the second quarter. Public Employees Retirement System of Ohio now owns 259,974 shares of the real estate investment trust’s stock worth $18,994,000 after purchasing an additional 1,876 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Agree Realty by 33.5% during the second quarter. Fifth Third Bancorp now owns 6,030 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 1,512 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Down 1.5%

Shares of NYSE:ADC opened at $70.64 on Friday. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $72.47 and its 200 day simple moving average is $73.93. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 42.05, a PEG ratio of 2.34 and a beta of 0.55.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 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 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 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. As a group, research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be paid a $0.256 dividend. This represents a yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty’s payout ratio is presently 182.74%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 2,100 shares of the stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of $72.08 per share, for a total transaction of $151,368.00. Following the purchase, the chief executive officer owned 635,160 shares of the company’s stock, valued at approximately $45,782,332.80. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction on Friday, September 5th. The stock was acquired at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 7,700 shares of company stock worth $555,926 over the last quarter. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADC. Mizuho reduced 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. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. UBS Group lifted their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Truist Financial set a $84.00 price target on shares of Agree Realty in a research report on Friday, August 8th. Finally, Evercore ISI lifted their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.58.

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.