Carmel Capital Partners LLC Has $249,000 Stock Holdings in Agree Realty Corporation $ADC

Carmel Capital Partners LLC cut its holdings in Agree Realty Corporation (NYSE:ADC) by 50.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,411 shares of the real estate investment trust’s stock after selling 3,413 shares during the quarter. Carmel Capital Partners LLC’s holdings in Agree Realty were worth $249,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sequoia Financial Advisors LLC boosted its position in Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after acquiring an additional 139 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in 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 worth $925,000 after acquiring an additional 4,551 shares during the last quarter. AE Wealth Management LLC acquired a new position in Agree Realty during the 1st quarter worth approximately $358,000. Oppenheimer Asset Management Inc. boosted its position in 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 worth $1,626,000 after acquiring an additional 1,941 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its position in 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 worth $8,699,000 after acquiring an additional 49,282 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. purchased 25,154 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The shares were acquired at an average price of $70.41 per share, for a total transaction of $1,771,093.14. Following the purchase, the director owned 553,700 shares in the company, valued at approximately $38,986,017. The trade was a 4.76% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joey Agree purchased 3,528 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the purchase, the chief executive officer owned 638,688 shares in the company, valued at $45,110,533.44. This trade represents a 0.56% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 36,742 shares of company stock worth $2,601,704 in the last quarter. Insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 0.8%

NYSE ADC opened at $75.16 on Friday. The company has a market cap of $8.32 billion, a PE ratio of 44.74, a PEG ratio of 2.42 and a beta of 0.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The stock has a 50 day moving average of $72.19 and a 200-day moving average of $73.62.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 EPS. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, equities research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.262 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 186.90%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Barclays reduced their price target on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Finally, Mizuho cut their price objective on Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Eight analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.63.

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.