Oppenheimer Asset Management Inc. Has $1.90 Million Stake in Agree Realty Corporation $ADC

Oppenheimer Asset Management Inc. lifted its stake in Agree Realty Corporation (NYSE:ADC) by 23.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,027 shares of the real estate investment trust’s stock after purchasing an additional 4,957 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Agree Realty were worth $1,902,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADC. Vanguard Group Inc. increased its stake in shares of Agree Realty by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock valued at $1,151,183,000 after buying an additional 363,681 shares during the period. Centersquare Investment Management LLC lifted its stake in shares of Agree Realty by 10.7% during the first 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 acquiring an additional 234,641 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 353,884 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $130,860,000 after acquiring an additional 49,645 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in 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 purchasing an additional 31,030 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADC shares. Royal Bank Of Canada upped their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Barclays dropped their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research note 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. UBS Group lifted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Finally, Mizuho cut their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Nine investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 25,154 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was acquired at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the transaction, the director owned 553,700 shares of the company’s stock, valued at $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree bought 4,108 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the acquisition, the chief executive officer directly owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 36,742 shares of company stock worth $2,601,704. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Down 0.4%

Shares of NYSE ADC opened at $72.82 on Friday. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $8.37 billion, a P/E ratio of 42.59, a P/E/G ratio of 2.28 and a beta of 0.55. The firm has a 50 day moving average price of $72.48 and a 200 day moving average price of $73.70.

Agree Realty (NYSE:ADC) last announced 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 net margin of 28.11% and a return on equity of 3.52%. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same period last year, the firm posted $1.03 earnings per share. The business’s quarterly revenue 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. Analysts expect that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a $0.262 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. This is an increase from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. Agree Realty’s dividend payout ratio is currently 179.53%.

Agree Realty 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.