Agree Realty Corporation $ADC Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in Agree Realty Corporation (NYSE:ADC) by 33.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,030 shares of the real estate investment trust’s stock after purchasing an additional 1,512 shares during the quarter. Fifth Third Bancorp’s holdings in Agree Realty were worth $441,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its holdings 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 period. Janney Montgomery Scott LLC boosted its holdings in shares of Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock valued at $925,000 after acquiring an additional 4,551 shares during the period. AE Wealth Management LLC acquired a new position in shares of Agree Realty during the first quarter valued at $358,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock valued at $1,626,000 after acquiring an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Agree Realty by 77.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock valued at $8,699,000 after acquiring an additional 49,282 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ADC. UBS Group boosted their price target on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Barclays reduced their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Truist Financial set a $84.00 price target on shares of Agree Realty in a report on Friday, August 8th. Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective on the stock. in a research note on Friday, July 11th. Finally, Mizuho cut their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.58.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl purchased 750 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average price of $72.84 per share, with a total value of $54,630.00. Following the purchase, the director owned 27,684 shares of the company’s stock, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joey Agree purchased 4,108 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the purchase, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. This represents a 0.65% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 7,700 shares of company stock worth $555,926 in the last three months. 1.80% of the stock is currently owned by company insiders.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $70.46 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average price is $72.64 and its two-hundred day moving average price is $74.01. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The stock has a market cap of $7.80 billion, a PE ratio of 41.94, a price-to-earnings-growth ratio of 2.38 and a beta of 0.56.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping 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 return on equity of 3.47% and a net margin of 28.16%.Agree Realty’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, sell-side analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 436.0%. Agree Realty’s dividend payout ratio (DPR) is currently 182.74%.

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.