Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Agree Realty Corporation $ADC

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 7.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 79,427 shares of the real estate investment trust’s stock after acquiring an additional 5,622 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Agree Realty were worth $5,803,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ADC. Cullen Frost Bankers Inc. bought a new stake in Agree Realty during the first quarter worth approximately $27,000. Farther Finance Advisors LLC increased its position 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 valued at $28,000 after purchasing an additional 306 shares during the last quarter. SVB Wealth LLC purchased a new stake in Agree Realty during the 1st quarter valued at $33,000. Larson Financial Group LLC lifted its position 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 worth $42,000 after buying an additional 440 shares during the last quarter. Finally, IFP Advisors Inc purchased a new position in Agree Realty during the second quarter worth $69,000. Institutional investors own 97.83% of the company’s stock.

Insider Transactions at Agree Realty

In other Agree Realty news, insider Craig Erlich acquired 360 shares of the stock in a transaction that occurred on Friday, October 3rd. The stock was bought at an average cost of $70.84 per share, with a total value of $25,502.40. Following the completion of the purchase, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. The trade was a 0.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joey Agree bought 3,528 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were acquired at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the acquisition, the chief executive officer owned 638,688 shares in the company, valued at $45,110,533.44. This represents a 0.56% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 29,792 shares of company stock valued at $2,100,408. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of several analyst reports. Barclays lowered their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Evercore ISI upped their target price on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. Mizuho decreased their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. KeyCorp boosted their price objective on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, Truist Financial reduced their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Nine research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Stock Performance

Agree Realty stock opened at $73.71 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $8.47 billion, a PE ratio of 43.10, a P/E/G ratio of 2.28 and a beta of 0.55. The company has a 50 day moving average price of $72.61 and a 200-day moving average price of $73.38. 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 data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.Agree Realty’s revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

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

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.