Mutual of America Capital Management LLC Reduces Stake in Agree Realty Corporation $ADC

Mutual of America Capital Management LLC decreased its position in Agree Realty Corporation (NYSE:ADC) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,608 shares of the real estate investment trust’s stock after selling 478 shares during the period. Mutual of America Capital Management LLC’s holdings in Agree Realty were worth $3,990,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ADC. Wealth Enhancement Advisory Services LLC lifted its stake in Agree Realty by 4.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock valued at $896,000 after purchasing an additional 504 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Agree Realty by 61.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock valued at $925,000 after buying an additional 4,551 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock valued at $1,626,000 after buying an additional 1,941 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Agree Realty by 6.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 214,844 shares of the real estate investment trust’s stock valued at $16,584,000 after buying an additional 13,242 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock valued at $365,000 after purchasing an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In related news, Director John Rakolta, Jr. purchased 25,154 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were acquired at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the purchase, the director directly owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greg Lehmkuhl purchased 750 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was 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 directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 36,742 shares of company stock worth $2,601,704 in the last 90 days. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADC has been the topic of several recent research reports. Morgan Stanley downgraded shares of 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. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday, July 13th. UBS Group increased 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. Barclays dropped their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Finally, Evercore ISI increased their target price on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $80.63.

Agree Realty Trading Up 0.2%

Shares of ADC opened at $75.17 on Thursday. The firm’s 50 day simple moving average is $72.35 and its 200 day simple moving average is $73.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $8.32 billion, a P/E ratio of 43.96, a P/E/G ratio of 2.44 and a beta of 0.55. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.57% and a net margin of 28.11%.Agree Realty’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Sell-side analysts forecast that Agree Realty Corporation will post 4.27 earnings per share 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. Investors of record on Friday, October 31st will be given a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Friday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s dividend payout ratio is 182.74%.

Agree Realty Company 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.