Asset Management One Co. Ltd. Trims Position in Agree Realty Corporation $ADC

Asset Management One Co. Ltd. trimmed its stake in Agree Realty Corporation (NYSE:ADC) by 3.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 207,659 shares of the real estate investment trust’s stock after selling 7,185 shares during the period. Asset Management One Co. Ltd.’s holdings in Agree Realty were worth $15,172,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ADC. Vanguard Group Inc. grew its position in shares of Agree Realty by 2.5% during the 1st 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 stake in 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 acquiring an additional 234,641 shares during the period. JPMorgan Chase & Co. grew its holdings in Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock worth $180,487,000 after acquiring an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Agree Realty by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust’s stock valued at $130,860,000 after purchasing an additional 49,645 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Agree Realty by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock valued at $122,049,000 after purchasing an additional 31,030 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. bought 25,154 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The stock was purchased at an average cost 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 $38,986,017. This trade represents a 4.76% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg Lehmkuhl bought 750 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, with a total value of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 36,742 shares of company stock valued at $2,601,704. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ADC shares. UBS Group increased their price objective 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. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Royal Bank Of Canada lifted their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday. 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, KeyCorp raised their price objective on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $74.75 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock’s fifty day simple moving average is $72.45 and its two-hundred day simple moving average is $73.69. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The stock has a market cap of $8.59 billion, a PE ratio of 43.71, a price-to-earnings-growth ratio of 2.43 and a beta of 0.55.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating 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 business had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same period last year, the business earned $1.03 EPS. The business’s revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. This is a boost from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s payout ratio is 179.53%.

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.