Agree Realty (NYSE:ADC) Director Acquires $1,082,700.00 in Stock

Agree Realty Corporation (NYSE:ADC) Director John Rakolta, Jr. purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The shares were purchased at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the completion of the transaction, the director directly owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Agree Realty Price Performance

Shares of NYSE:ADC traded up $0.11 during midday trading on Monday, hitting $72.51. The company’s stock had a trading volume of 757,880 shares, compared to its average volume of 1,136,137. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a market cap of $8.33 billion, a P/E ratio of 42.40, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54. 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 business’s 50 day simple moving average is $73.41 and its 200 day simple moving average is $72.93.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm’s revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.262 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 4.3%. Agree Realty’s payout ratio is 183.63%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Westwood Holdings Group Inc. purchased a new position in Agree Realty in the second quarter valued at approximately $65,376,000. Norges Bank acquired a new position in shares of Agree Realty in the 2nd quarter valued at $65,030,000. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 65.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock valued at $143,268,000 after buying an additional 799,185 shares during the last quarter. Duff & Phelps Investment Management Co. raised its stake in Agree Realty by 311.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 838,570 shares of the real estate investment trust’s stock worth $59,572,000 after acquiring an additional 634,520 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Agree Realty by 532.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 714,772 shares of the real estate investment trust’s stock worth $50,777,000 after acquiring an additional 601,689 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADC. Barclays lifted their target price on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Evercore ISI dropped their target price on shares of Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Truist Financial cut their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Mizuho cut their price target on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Finally, Stifel Nicolaus set a $83.50 price target on shares of Agree Realty in a research report on Tuesday, November 25th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $80.32.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.