US Bancorp DE Has $877,000 Holdings in Agree Realty Corporation $ADC

US Bancorp DE trimmed its position in shares of Agree Realty Corporation (NYSE:ADC) by 19.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,998 shares of the real estate investment trust’s stock after selling 2,893 shares during the period. US Bancorp DE’s holdings in Agree Realty were worth $877,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new stake in shares of Agree Realty in the 1st quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its holdings in Agree Realty by 408.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Agree Realty in the 1st quarter valued at $33,000. Larson Financial Group LLC increased its stake in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 440 shares in the last quarter. Finally, Quarry LP grew its position in Agree Realty by 52.9% in the 1st quarter. Quarry LP now owns 1,127 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 390 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John Rakolta, Jr. acquired 25,154 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was acquired at an average price of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the acquisition, the director owned 553,700 shares in the company, valued at $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joey Agree purchased 3,528 shares of Agree Realty stock in a transaction dated Thursday, October 2nd. The shares were bought at an average price of $70.63 per share, with a total value of $249,182.64. Following the completion of the acquisition, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. This represents a 0.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 36,742 shares of company stock worth $2,601,704. Insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

NYSE:ADC opened at $75.16 on Friday. The firm has a market cap of $8.32 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 2.44 and a beta of 0.55. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The business has a 50 day moving average price of $72.19 and a 200-day moving average price of $73.60.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 3.47% and a net margin of 28.16%.The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s payout ratio is 182.74%.

Analysts Set New Price Targets

Several analysts recently issued reports on ADC shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. UBS Group boosted their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Mizuho dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Finally, Barclays decreased their price target on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Eight research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.63.

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.