Agree Realty Corporation $ADC Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc reduced its stake in shares of Agree Realty Corporation (NYSE:ADC) by 20.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,000 shares of the real estate investment trust’s stock after selling 20,000 shares during the quarter. Impax Asset Management Group plc owned about 0.07% of Agree Realty worth $5,845,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Cullen Frost Bankers Inc. acquired a new stake in shares of Agree Realty in the 1st quarter worth $27,000. Farther Finance Advisors LLC boosted its stake in shares of Agree Realty by 408.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC purchased a new stake in Agree Realty in the 1st quarter worth approximately $33,000. Larson Financial Group LLC increased its stake in Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 440 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Agree Realty by 41.7% in the second quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 262 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 25,154 shares of the business’s stock in a transaction dated 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 acquisition, 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 position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the acquisition, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 29,792 shares of company stock worth $2,100,408. 1.80% of the stock is owned by corporate insiders.

Agree Realty Stock Up 0.5%

Shares of ADC stock opened at $73.71 on Friday. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The stock has a market cap of $8.47 billion, a P/E ratio of 43.10, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. The stock has a fifty day moving average price of $72.61 and a 200 day moving average price of $73.38. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68.

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, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. During the same period in the previous year, the business earned $1.03 earnings per share. The company’s revenue for the quarter 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. Analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be issued a $0.262 dividend. The ex-dividend date is Friday, November 28th. This represents a c) annualized dividend and a yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays reduced their target price on shares of 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. Truist Financial lowered their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. UBS Group upped their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Evercore ISI boosted their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Finally, Royal Bank Of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Nine investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.