Sei Investments Co. Raises Stock Holdings in Agree Realty Corporation (NYSE:ADC)

Sei Investments Co. increased its stake in shares of Agree Realty Corporation (NYSE:ADC) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 462,078 shares of the real estate investment trust’s stock after purchasing an additional 7,825 shares during the quarter. Sei Investments Co.’s holdings in Agree Realty were worth $32,678,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ADC. Millennium Management LLC lifted its stake in shares of Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock worth $82,518,000 after purchasing an additional 1,068,271 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Agree Realty during the 1st quarter worth $64,759,000. Northern Trust Corp lifted its stake in shares of Agree Realty by 89.2% during the 4th quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust’s stock worth $107,315,000 after purchasing an additional 718,114 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Agree Realty by 524.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust’s stock worth $49,838,000 after purchasing an additional 594,080 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its stake in shares of Agree Realty by 122.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,070,951 shares of the real estate investment trust’s stock worth $75,448,000 after purchasing an additional 589,349 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Down 0.5%

Shares of ADC opened at $72.28 on Thursday. 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 Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The stock’s 50 day moving average is $73.30 and its two-hundred day moving average is $74.25. The firm has a market cap of $8.00 billion, a P/E ratio of 43.02, a PEG ratio of 2.36 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, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The company had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. During the same period last year, the company earned $1.04 earnings per share. Agree Realty’s quarterly revenue was up 15.0% compared to the same quarter last year. Analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, August 29th. Agree Realty’s dividend payout ratio (DPR) is 182.74%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ADC shares. Morgan Stanley cut Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price target for the company. in a research note on Friday, July 11th. Mizuho decreased their price target on Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, June 16th. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research note on Monday, June 30th. Robert W. Baird increased their price target on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Finally, BTIG Research cut Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.61.

Insider Buying and Selling at Agree Realty

In other news, CEO Joey Agree bought 4,108 shares of the firm’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 completion of the transaction, the chief executive officer directly owned 633,060 shares in the company, 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 available through this link. 1.80% of the stock is currently owned by company insiders.

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.