4,653 Shares in Agree Realty Corporation $ADC Purchased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC bought a new stake in Agree Realty Corporation (NYSE:ADC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,653 shares of the real estate investment trust’s stock, valued at approximately $340,000.

Several other hedge funds also recently bought and sold shares of the stock. Intrust Bank NA raised its stake in shares of Agree Realty by 22.5% in the 2nd quarter. Intrust Bank NA now owns 12,326 shares of the real estate investment trust’s stock valued at $901,000 after acquiring an additional 2,261 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in Agree Realty by 1.3% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 154,960 shares of the real estate investment trust’s stock valued at $11,321,000 after purchasing an additional 2,039 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in Agree Realty by 3,300.8% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 204,050 shares of the real estate investment trust’s stock valued at $14,908,000 after purchasing an additional 198,050 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Agree Realty by 1.2% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 539,032 shares of the real estate investment trust’s stock valued at $39,382,000 after purchasing an additional 6,395 shares during the period. Finally, ANB Bank acquired a new position in Agree Realty during the second quarter worth $204,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ADC shares. UBS Group lifted their price objective on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. Royal Bank Of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Barclays cut their price target 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. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Finally, Truist Financial cut their target price on shares of 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.73.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was bought at an average cost of $72.84 per share, with a total value of $54,630.00. Following the acquisition, the director directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. acquired 25,154 shares of the stock in a transaction dated Tuesday, October 7th. The shares were acquired at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the transaction, the director owned 553,700 shares in the company, valued at approximately $38,986,017. This represents a 4.76% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 29,792 shares of company stock valued at $2,100,408 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Up 0.6%

Shares of NYSE:ADC opened at $73.68 on Friday. Agree Realty Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The firm’s 50 day moving average price is $72.71 and its 200 day moving average price is $73.27. 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 stock has a market cap of $8.47 billion, a price-to-earnings ratio of 43.09, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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 company had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same period in the prior year, the firm posted $1.03 EPS. The company’s quarterly revenue 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. As a group, equities research analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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