Geode Capital Management LLC Acquires 117,346 Shares of Agree Realty Corporation $ADC

Geode Capital Management LLC grew its holdings in Agree Realty Corporation (NYSE:ADC) by 4.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,509,922 shares of the real estate investment trust’s stock after acquiring an additional 117,346 shares during the period. Geode Capital Management LLC’s holdings in Agree Realty were worth $180,823,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Jane Street Group LLC raised its stake in shares of Agree Realty by 268.9% in the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock valued at $2,112,000 after acquiring an additional 19,948 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Agree Realty by 158.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 356 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Agree Realty in the 2nd quarter valued at approximately $1,875,000. EverSource Wealth Advisors LLC raised its stake in shares of Agree Realty by 245.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 965 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Agree Realty by 46.8% in the 2nd quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust’s stock valued at $5,421,000 after acquiring an additional 23,662 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Activity at Agree Realty

In other news, CEO Joey Agree acquired 13,295 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were bought at an average price of $75.41 per share, with a total value of $1,002,575.95. Following the acquisition, the chief executive officer owned 675,105 shares of the company’s stock, valued at $50,909,668.05. This trade represents a 2.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg Lehmkuhl acquired 750 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the acquisition, the director directly owned 34,465 shares in the company, valued at $2,587,976.85. This represents a 2.22% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 14,191 shares of company stock worth $1,069,944 in the last three months. 1.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Mizuho cut their price objective on Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Morgan Stanley set a $81.00 price objective on Agree Realty in a research note on Tuesday, April 21st. Royal Bank Of Canada raised their price objective on Agree Realty from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group assumed coverage on Agree Realty in a research note on Monday. They issued a “buy” rating and a $84.00 price objective on the stock. Finally, Truist Financial raised their price objective on Agree Realty from $79.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued 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 $83.80.

Agree Realty Stock Performance

ADC opened at $72.07 on Thursday. The firm has a market capitalization of $8.66 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.48. The stock’s 50 day moving average price is $76.05 and its two-hundred day moving average price is $75.26. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The company’s revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. On average, equities analysts forecast that Agree Realty Corporation will post 4.44 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a $0.267 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 dividend on an annualized basis and a yield of 1.5%. Agree Realty’s dividend payout ratio (DPR) is 172.97%.

Agree Realty Company Profile

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.