Charles Schwab Investment Management Inc. Increases Stake in Agree Realty Corporation $ADC

Charles Schwab Investment Management Inc. raised its position in Agree Realty Corporation (NYSE:ADC) by 5.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,780,620 shares of the real estate investment trust’s stock after acquiring an additional 85,323 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.61% of Agree Realty worth $130,092,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ADC. Vanguard Group Inc. raised its holdings in Agree Realty by 2.7% during the second quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock worth $1,119,037,000 after purchasing an additional 403,048 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Agree Realty by 6.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after buying an additional 170,827 shares in the last quarter. Centersquare Investment Management LLC lifted its holdings in shares of 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 valued at $187,723,000 after buying an additional 234,641 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock valued at $180,487,000 after buying an additional 353,884 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Agree Realty by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock worth $122,049,000 after acquiring an additional 31,030 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Joey Agree purchased 3,528 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were bought at an average cost of $70.63 per share, with a total value of $249,182.64. Following the purchase, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Erlich purchased 360 shares of the stock in a transaction dated Friday, October 3rd. The shares were purchased at an average price of $70.84 per share, with a total value of $25,502.40. Following the completion of the acquisition, the insider owned 52,846 shares of the company’s stock, valued at approximately $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 29,792 shares of company stock valued at $2,100,408 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays reduced their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Evercore ISI raised their price objective 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. Truist Financial lowered their target price on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Mizuho dropped their target price on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Finally, Royal Bank Of Canada boosted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.21.

Agree Realty Price Performance

ADC stock opened at $75.24 on Friday. The stock’s 50 day moving average price is $72.96 and its 200 day moving average price is $73.23. The firm has a market cap of $8.65 billion, a P/E ratio of 44.00, a PEG ratio of 2.28 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty’s payout ratio is presently 183.63%.

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.