Agree Realty Corporation $ADC Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Agree Realty Corporation (NYSE:ADC) by 880.2% during the second quarter, HoldingsChannel reports. The fund owned 115,904 shares of the real estate investment trust’s stock after acquiring an additional 104,079 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Agree Realty were worth $8,468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. acquired a new stake in shares of Agree Realty in the 1st quarter valued at about $27,000. Farther Finance Advisors LLC raised its stake in Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 306 shares in the last quarter. SVB Wealth LLC acquired a new stake in Agree Realty during the first quarter valued at approximately $33,000. Larson Financial Group LLC lifted its holdings in Agree Realty by 415.1% during the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 440 shares during the last quarter. Finally, IFP Advisors Inc acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $69,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADC. Evercore ISI upped their price target on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. KeyCorp boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Royal Bank Of Canada raised their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Mizuho decreased their price target on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Agree Realty Trading Down 0.6%

Shares of NYSE:ADC opened at $73.32 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average price is $72.57 and its 200 day moving average price is $73.38. The company has a market cap of $8.43 billion, a PE ratio of 42.88, a P/E/G ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65.

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

Agree Realty Dividend Announcement

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

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. acquired 25,154 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The shares were acquired at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the purchase, the director directly owned 553,700 shares in the company, valued at $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree acquired 3,528 shares of Agree Realty stock in a transaction that occurred on Thursday, October 2nd. The stock was bought at an average cost of $70.63 per share, with a total value of $249,182.64. Following the acquisition, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 29,792 shares of company stock worth $2,100,408. Insiders own 1.80% of the company’s stock.

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.