Agree Realty Corporation $ADC Shares Purchased by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. raised its position in Agree Realty Corporation (NYSE:ADC) by 17.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,823 shares of the real estate investment trust’s stock after acquiring an additional 3,830 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Agree Realty were worth $1,887,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position 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 purchasing an additional 363,681 shares during the last quarter. Centersquare Investment Management LLC lifted its position in shares of Agree Realty by 10.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock worth $187,723,000 after purchasing an additional 234,641 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Agree Realty by 17.8% during 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 purchasing an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. increased 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 buying an additional 49,645 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings 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 valued at $122,049,000 after buying an additional 31,030 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 1.2%

Agree Realty stock opened at $73.39 on Friday. The company has a market capitalization of $8.43 billion, a P/E ratio of 42.92, a PEG 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 fifty-two week low of $67.58 and a fifty-two week high of $79.65. The stock has a 50-day simple moving average of $72.50 and a 200-day simple moving average of $73.48.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping 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 company had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. During the same quarter in the previous year, the company posted $1.03 earnings per share. The firm’s 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. Equities research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current 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 issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s dividend payout ratio is presently 183.63%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 750 shares of the company’s stock in a transaction on Friday, September 5th. The shares were bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director owned 27,684 shares in the company, valued at $2,016,502.56. This trade represents a 2.78% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joey Agree bought 3,528 shares of Agree Realty stock in a transaction dated Thursday, October 2nd. The stock was acquired at an average cost of $70.63 per share, with a total value of $249,182.64. Following the completion of the acquisition, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. The trade was a 0.56% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 36,742 shares of company stock worth $2,601,704 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ADC shares. Evercore ISI lifted their price target on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. UBS Group raised their target price on Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Morgan Stanley cut Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a research note on Friday, July 11th. Royal Bank Of Canada upped their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Finally, Mizuho cut their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Nine research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $80.73.

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.