Keybank National Association OH Cuts Stock Position in Agree Realty Corporation $ADC

Keybank National Association OH lowered its holdings in Agree Realty Corporation (NYSE:ADC) by 19.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,448 shares of the real estate investment trust’s stock after selling 3,418 shares during the period. Keybank National Association OH’s holdings in Agree Realty were worth $1,056,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ADC. AE Wealth Management LLC purchased a new position in shares of Agree Realty during the 1st quarter valued at $358,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Agree Realty by 77.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock valued at $8,699,000 after buying an additional 49,282 shares during the last quarter. Twin Tree Management LP lifted its position in shares of Agree Realty by 615,421.4% during the 1st quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust’s stock valued at $6,652,000 after buying an additional 86,159 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Agree Realty during the 1st quarter valued at $1,161,000. Finally, Ascent Group LLC purchased a new position in shares of Agree Realty during the 1st quarter valued at $2,459,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Barclays dropped their price objective on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 20th. Morgan Stanley cut Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective on the stock. in a report on Friday, July 11th. Royal Bank Of Canada increased their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Stock Performance

Shares of ADC opened at $73.03 on Monday. The stock’s 50-day simple moving average is $72.48 and its 200 day simple moving average is $73.62. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of 42.71, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65.

Agree Realty (NYSE:ADC) last announced its 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. The business had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Research 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. Shareholders of record on Friday, October 31st will be paid a $0.262 dividend. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 4.3%. This is an increase from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s dividend payout ratio is currently 183.63%.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl bought 750 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the purchase, the director directly owned 27,684 shares of the company’s stock, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joey Agree bought 4,108 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price 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 in the company, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 36,742 shares of company stock valued at $2,601,704 over the last 90 days. 1.80% of the stock is owned by insiders.

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.