Presima Securities ULC Increases Stock Position in Agree Realty Corporation $ADC

Presima Securities ULC boosted its stake in Agree Realty Corporation (NYSE:ADC) by 1.4% during the first quarter, HoldingsChannel reports. The firm owned 35,969 shares of the real estate investment trust’s stock after buying an additional 501 shares during the period. Agree Realty comprises about 0.6% of Presima Securities ULC’s portfolio, making the stock its 22nd biggest holding. Presima Securities ULC’s holdings in Agree Realty were worth $2,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Agree Realty by 2.5% in the first quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock valued at $1,151,183,000 after purchasing an additional 363,681 shares in the last quarter. Centersquare Investment Management LLC raised its stake in Agree Realty by 10.7% in the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock valued at $187,723,000 after purchasing an additional 234,641 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Agree Realty by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock valued at $180,487,000 after purchasing an additional 353,884 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Agree Realty by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust’s stock valued at $130,860,000 after purchasing an additional 49,645 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Agree Realty by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock valued at $122,049,000 after purchasing an additional 31,030 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADC. Barclays lowered 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 note on Wednesday, August 20th. Truist Financial set a $84.00 price target on shares of Agree Realty in a research note on Friday, August 8th. Mizuho decreased their price target on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Morgan Stanley downgraded shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price target on the stock. in a research note on Friday, July 11th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research note on Monday, June 30th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Insider Activity

In other news, CEO Joey Agree bought 4,108 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the acquisition, the chief executive officer owned 633,060 shares of the company’s stock, valued at approximately $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have purchased a total of 6,950 shares of company stock valued at $501,296 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Agree Realty Stock Up 1.4%

Shares of Agree Realty stock opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 2.44 and a beta of 0.56. The company’s 50 day moving average price is $72.74 and its 200-day moving average price is $74.31.

Agree Realty (NYSE:ADC) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm had revenue of $175.53 million for the quarter, compared to analysts’ expectations of $173.95 million. During the same quarter last year, the business earned $1.04 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.256 dividend. The ex-dividend date is Friday, August 29th. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 182.74%.

Agree Realty 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.