Aberdeen Group plc Has $2.38 Million Position in Agree Realty Corporation $ADC

Aberdeen Group plc grew its position in Agree Realty Corporation (NYSE:ADC) by 19.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,510 shares of the real estate investment trust’s stock after purchasing an additional 5,271 shares during the period. Aberdeen Group plc’s holdings in Agree Realty were worth $2,375,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ADC. Sequoia Financial Advisors LLC lifted its holdings 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 valued at $365,000 after purchasing an additional 139 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after buying an additional 4,551 shares in the last quarter. AE Wealth Management LLC bought a new position in shares of Agree Realty in the first quarter valued at approximately $358,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Agree Realty by 10.1% in 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 in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew 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. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC stock opened at $75.16 on Friday. The firm’s 50 day moving average price is $72.19 and its two-hundred day moving average price is $73.62. 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 cap of $8.32 billion, a PE ratio of 44.74, a PEG ratio of 2.42 and a beta of 0.55.

Agree Realty (NYSE:ADC) last issued its earnings results 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. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The company had revenue of $175.53 million during the quarter, compared to analysts’ expectations of $173.95 million. During the same quarter in the previous year, the company posted $1.04 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty’s payout ratio is currently 182.74%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Barclays decreased their price objective on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 20th. Morgan Stanley downgraded shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a research note on Friday, July 11th. Finally, Evercore ISI upped their target price 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. 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.63.

Insider Buying and Selling

In other news, Director John Rakolta, Jr. purchased 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 transaction, the director directly owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the purchase, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 36,742 shares of company stock worth $2,601,704 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

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.