Park Avenue Securities LLC Sells 165 Shares of Agree Realty Corporation $ADC

Park Avenue Securities LLC decreased its position in Agree Realty Corporation (NYSE:ADC) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,723 shares of the real estate investment trust’s stock after selling 165 shares during the period. Park Avenue Securities LLC’s holdings in Agree Realty were worth $491,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Agree Realty by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock worth $1,151,183,000 after purchasing an additional 363,681 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in Agree Realty by 10.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock worth $187,723,000 after purchasing an additional 234,641 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Agree Realty by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock worth $180,487,000 after purchasing an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 3.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust’s stock worth $130,860,000 after purchasing an additional 49,645 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Agree Realty by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock worth $122,049,000 after purchasing an additional 31,030 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the topic of a number of analyst reports. Barclays dropped their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 20th. Evercore ISI upped their target price on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a research note on Friday, July 11th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday, July 13th. Finally, UBS Group upped their target price 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. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.58.

Insider Activity at Agree Realty

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

Agree Realty Price Performance

NYSE ADC opened at $70.46 on Tuesday. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The firm has a market capitalization of $7.80 billion, a P/E ratio of 41.94, a PEG ratio of 2.38 and a beta of 0.56. 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 has a 50-day moving average price of $72.64 and a 200-day moving average price of $74.01.

Agree Realty (NYSE:ADC) last released its quarterly earnings results 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. The firm had revenue of $175.53 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

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

Agree Realty Company 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.