Blue Trust Inc. Buys 544 Shares of Agree Realty Corporation $ADC

Blue Trust Inc. increased its stake in Agree Realty Corporation (NYSE:ADC) by 44.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,770 shares of the real estate investment trust’s stock after acquiring an additional 544 shares during the period. Blue Trust Inc.’s holdings in Agree Realty were worth $129,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. bought a new stake in shares of Agree Realty in the 1st quarter valued at about $27,000. Farther Finance Advisors LLC lifted its stake in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after acquiring 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 about $33,000. Larson Financial Group LLC lifted 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 during the last quarter. Finally, IFP Advisors Inc bought a new stake in shares of Agree Realty in the 2nd quarter valued at about $69,000. Institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling

In other news, insider Craig Erlich bought 360 shares of Agree Realty stock in a transaction dated Friday, October 3rd. The shares were purchased at an average cost 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 $3,743,610.64. This trade represents a 0.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the purchase, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 36,742 shares of company stock valued at $2,601,704 over the last three months. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ADC shares. Mizuho lowered their target price on Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday, August 8th. Barclays lowered their price target on 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. Morgan Stanley lowered Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price target for the company. in a research report on Friday, July 11th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Eight research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.63.

Agree Realty Stock Up 1.1%

Shares of NYSE:ADC opened at $74.53 on Friday. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The firm has a market capitalization of $8.25 billion, a P/E ratio of 44.36, a P/E/G ratio of 2.40 and a beta of 0.55. The stock has a 50 day moving average price of $72.15 and a 200-day moving average price of $73.63. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty (NYSE:ADC) last posted 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. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company had revenue of $175.53 million during the quarter, compared to analyst estimates of $173.95 million. During the same quarter last year, the company earned $1.04 EPS. The firm’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. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

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

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.