Advisors Asset Management Inc. Sells 4,951 Shares of Agree Realty Corporation $ADC

Advisors Asset Management Inc. cut its holdings in Agree Realty Corporation (NYSE:ADC) by 36.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,521 shares of the real estate investment trust’s stock after selling 4,951 shares during the period. Advisors Asset Management Inc.’s holdings in Agree Realty were worth $658,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. GF Fund Management CO. LTD. lifted its stake in Agree Realty by 7.2% in the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust’s stock worth $151,000 after purchasing an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake 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 valued at $365,000 after acquiring an additional 139 shares during the last quarter. Azzad Asset Management Inc. ADV raised its stake in shares of Agree Realty by 2.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust’s stock valued at $531,000 after acquiring an additional 187 shares during the last quarter. Journey Strategic Wealth LLC raised its stake in shares of Agree Realty by 3.6% during the first quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust’s stock valued at $509,000 after acquiring an additional 229 shares during the last quarter. Finally, Evergreen Capital Management LLC raised its stake in shares of Agree Realty by 5.5% during the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust’s stock valued at $344,000 after acquiring an additional 232 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. 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 research note on Wednesday, August 20th. UBS Group upped their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. Mizuho decreased their price target on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, June 16th. Truist Financial set a $84.00 price target on shares of Agree Realty in a research note on Friday, August 8th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research note on Monday, June 30th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joey Agree purchased 4,108 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was 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 of the company’s stock, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 7,700 shares of company stock worth $555,926 over the last quarter. Insiders own 1.80% of the company’s stock.

Agree Realty Trading Down 0.5%

NYSE:ADC opened at $71.93 on Thursday. The company’s 50 day moving average price is $72.72 and its 200-day moving average price is $74.30. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week 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 stock has a market cap of $7.96 billion, a price-to-earnings ratio of 42.82, a PEG ratio of 2.42 and a beta of 0.56.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The firm had revenue of $175.53 million for the quarter, compared to analysts’ expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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 given a $0.256 dividend. The ex-dividend date is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty’s dividend payout ratio (DPR) is presently 182.74%.

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.