Agree Realty Corporation $ADC Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC trimmed its holdings in Agree Realty Corporation (NYSE:ADC) by 25.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,978 shares of the real estate investment trust’s stock after selling 3,004 shares during the period. Janney Montgomery Scott LLC’s holdings in Agree Realty were worth $656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of ADC. Wealth Enhancement Advisory Services LLC raised its position in shares of Agree Realty by 4.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock valued at $896,000 after buying an additional 504 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in shares of Agree Realty in the first quarter valued at about $238,000. Friedenthal Financial acquired a new stake in shares of Agree Realty in the first quarter valued at about $897,000. Retirement Systems of Alabama raised its position in shares of Agree Realty by 3.7% in the first quarter. Retirement Systems of Alabama now owns 130,269 shares of the real estate investment trust’s stock valued at $10,055,000 after buying an additional 4,666 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Agree Realty by 10.1% in 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 buying an additional 1,941 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Agree Realty stock opened at $74.53 on Friday. 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 stock has a market cap of $8.25 billion, a P/E ratio of 44.36, a PEG ratio of 2.40 and a beta of 0.55. The company has a 50-day moving average price of $72.15 and a 200 day moving average price of $73.63. 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 earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company 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%. Agree Realty’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a dividend of $0.262 per share. This represents a c) annualized dividend and a yield of 4.2%. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date of this dividend is Friday, October 31st. Agree Realty’s payout ratio is 182.74%.

Wall Street Analyst Weigh In

ADC has been the subject of a number of recent research reports. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. UBS Group raised their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective for the company. in a research report on Friday, July 11th. Barclays cut 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 report on Wednesday, August 20th. Finally, Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Eight investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.63.

Insider Activity at Agree Realty

In related news, CEO Joey Agree bought 4,108 shares of the stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Erlich bought 360 shares of the stock in a transaction on Friday, October 3rd. The shares were bought at an average cost of $70.84 per share, with a total value of $25,502.40. Following the purchase, the insider owned 52,846 shares of the company’s stock, valued at $3,743,610.64. This trade represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 36,742 shares of company stock worth $2,601,704. 1.80% of the stock is owned by corporate insiders.

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.