Fisher Asset Management LLC Sells 55,975 Shares of Agree Realty Corporation $ADC

Fisher Asset Management LLC lowered its position in Agree Realty Corporation (NYSE:ADC) by 53.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,069 shares of the real estate investment trust’s stock after selling 55,975 shares during the period. Fisher Asset Management LLC’s holdings in Agree Realty were worth $3,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 306 shares during the period. SVB Wealth LLC purchased a new position in Agree Realty during the 1st quarter valued at $33,000. Northwestern Mutual Wealth Management Co. grew its position in Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 356 shares during the last quarter. Allworth Financial LP increased its stake in Agree Realty by 41.7% in the second quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 262 shares during the period. Finally, MAI Capital Management increased its stake in Agree Realty by 122.3% in the second quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock worth $66,000 after purchasing an additional 499 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.1%

Agree Realty stock opened at $74.36 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The firm has a market cap of $8.55 billion, a P/E ratio of 43.49, a P/E/G ratio of 2.42 and a beta of 0.54. The business has a fifty day moving average of $73.33 and a two-hundred day moving average of $73.27. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month 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 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm had revenue of $183.22 million during the quarter, compared to analyst estimates of $181.87 million. During the same period in the previous year, the company posted $1.03 EPS. 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, analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, November 28th. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group boosted 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. Mizuho lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, September 11th. Truist Financial reduced 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. Evercore ISI lifted their price target 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. Finally, Wells Fargo & Company increased their price objective on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Nine investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $81.29.

Insider Activity

In other news, Director John Rakolta, Jr. acquired 25,154 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were purchased at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the transaction, the director directly owned 553,700 shares in the company, valued at approximately $38,986,017. This represents a 4.76% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Erlich acquired 360 shares of Agree Realty stock in a transaction that occurred on 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 purchase, the insider owned 52,846 shares in the company, valued at $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. In the last ninety days, insiders have bought 29,042 shares of company stock worth $2,045,778. Corporate insiders own 1.80% of the company’s stock.

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.