Cbre Investment Management Listed Real Assets LLC Acquires 407,820 Shares of Agree Realty Corporation $ADC

Cbre Investment Management Listed Real Assets LLC lifted its holdings in Agree Realty Corporation (NYSE:ADC) by 98.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 821,090 shares of the real estate investment trust’s stock after acquiring an additional 407,820 shares during the period. Cbre Investment Management Listed Real Assets LLC owned 0.75% of Agree Realty worth $63,380,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Agree Realty by 2.5% in the first quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock worth $1,151,183,000 after buying an additional 363,681 shares in the last quarter. Centersquare Investment Management LLC lifted its position in shares of Agree Realty by 10.7% in the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock worth $187,723,000 after buying an additional 234,641 shares in the last quarter. JPMorgan Chase & Co. lifted its position 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 worth $180,487,000 after buying an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 3.0% in the first 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 buying an additional 49,645 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Agree Realty by 2.0% in 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 buying an additional 31,030 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree acquired 4,108 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 trade represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased a total of 6,950 shares of company stock valued at $501,296 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Robert W. Baird upped their price objective on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Mizuho decreased their price objective on Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Finally, UBS Group upped their price objective on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Trading Down 1.3%

Shares of NYSE ADC opened at $73.0650 on Friday. 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’s 50 day moving average price is $73.11 and its 200-day moving average price is $74.26. 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 market cap of $8.09 billion, a price-to-earnings ratio of 43.49, a PEG ratio of 2.41 and a beta of 0.55.

Agree Realty (NYSE:ADC) last issued its quarterly 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. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same period in the prior year, the business posted $1.04 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, August 29th. Agree Realty’s dividend payout ratio is presently 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.