Richard Agree Acquires 24,000 Shares of Agree Realty (NYSE:ADC) Stock

Agree Realty Corporation (NYSE:ADC) Chairman Richard Agree purchased 24,000 shares of Agree Realty stock in a transaction dated Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the transaction, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $70.45 on Monday. The stock’s fifty day simple moving average is $72.85 and its 200 day simple moving average is $72.71. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.10 billion, a PE ratio of 41.20, a PEG ratio of 2.19 and a beta of 0.55. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. During the same period in the prior year, the company earned $1.03 earnings per share. The company’s revenue for the quarter 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, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.262 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 4.5%. Agree Realty’s payout ratio is presently 183.63%.

Institutional Investors Weigh In On Agree Realty

Hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Agree Realty by 3.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust’s stock worth $56,628,000 after buying an additional 26,202 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Agree Realty by 268.9% during the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after acquiring an additional 19,948 shares during the period. Strs Ohio acquired a new position in shares of Agree Realty during the 1st quarter worth approximately $12,056,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Agree Realty by 7.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust’s stock valued at $1,704,000 after acquiring an additional 1,581 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Agree Realty by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,517 shares of the real estate investment trust’s stock valued at $973,000 after acquiring an additional 1,908 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. Mizuho dropped their price objective on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Royal Bank Of Canada decreased their price objective on Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a report on Tuesday, January 6th. Stifel Nicolaus set a $83.50 target price on Agree Realty in a research report on Tuesday, November 25th. Finally, Barclays upped their price target on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 3rd. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.23.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.