Agree Realty Corporation $ADC Shares Bought by Corebridge Financial Inc.

Corebridge Financial Inc. grew its stake in shares of Agree Realty Corporation (NYSE:ADC) by 1.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 118,186 shares of the real estate investment trust’s stock after purchasing an additional 1,274 shares during the quarter. Corebridge Financial Inc.’s holdings in Agree Realty were worth $9,123,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ADC. Millennium Management LLC grew its holdings in Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock worth $82,518,000 after acquiring an additional 1,068,271 shares in the last quarter. Nuveen LLC bought a new position in shares of Agree Realty in the 1st quarter worth about $64,759,000. Northern Trust Corp lifted its position in shares of Agree Realty by 89.2% in the 4th quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust’s stock worth $107,315,000 after buying an additional 718,114 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Agree Realty by 524.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust’s stock worth $49,838,000 after buying an additional 594,080 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in shares of Agree Realty by 122.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,070,951 shares of the real estate investment trust’s stock worth $75,448,000 after buying an additional 589,349 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Agree Realty

In related news, CEO Joey Agree purchased 2,100 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $72.08 per share, for a total transaction of $151,368.00. Following the transaction, the chief executive officer owned 635,160 shares of the company’s stock, valued at $45,782,332.80. This represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have bought 6,950 shares of company stock worth $501,296. 1.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADC shares. JMP Securities restated a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. 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 report on Friday, July 11th. UBS Group raised their price target on shares of Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Barclays reduced 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 report on Wednesday, August 20th. Finally, Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Agree Realty Stock Up 0.9%

ADC stock opened at $72.77 on Thursday. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 2.41 and a beta of 0.55. The firm’s 50-day moving average is $72.99 and its two-hundred day moving average is $74.25. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $173.95 million. During the same period in the previous year, the firm earned $1.04 EPS. Agree Realty’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. On average, analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.256 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, August 29th. Agree Realty’s payout ratio is 182.74%.

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.