Liberty One Investment Management LLC Makes New Investment in Agree Realty Corporation $ADC

Liberty One Investment Management LLC purchased a new position in shares of Agree Realty Corporation (NYSE:ADC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 155,287 shares of the real estate investment trust’s stock, valued at approximately $11,038,000. Agree Realty accounts for approximately 0.6% of Liberty One Investment Management LLC’s investment portfolio, making the stock its 29th largest holding. Liberty One Investment Management LLC owned approximately 0.14% of Agree Realty at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Agree Realty by 3.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 733,623 shares of the real estate investment trust’s stock valued at $56,628,000 after buying an additional 26,202 shares during the period. Jane Street Group LLC lifted its stake in shares of Agree Realty by 268.9% during the 1st quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after acquiring an additional 19,948 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Agree Realty by 7.3% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,326 shares of the real estate investment trust’s stock valued at $1,704,000 after acquiring an additional 1,581 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Agree Realty by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 13,517 shares of the real estate investment trust’s stock valued at $973,000 after acquiring an additional 1,908 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in Agree Realty by 22.3% in the second quarter. Exchange Traded Concepts LLC now owns 63,929 shares of the real estate investment trust’s stock worth $4,671,000 after purchasing an additional 11,666 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. Mizuho lowered their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Stifel Nicolaus set a $83.50 price objective on shares of Agree Realty in a report on Tuesday, November 25th. Wells Fargo & Company upped their target price on shares of Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Finally, Truist Financial lowered their price target on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $80.23.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. purchased 15,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were acquired at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the purchase, the director owned 562,606 shares of the company’s stock, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard Agree acquired 24,000 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was bought at an average cost of $70.67 per share, with a total value of $1,696,080.00. Following the completion of the transaction, the chairman directly owned 159,855 shares in the company, valued at $11,296,952.85. The trade was a 17.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Trading Up 1.2%

Shares of NYSE:ADC opened at $71.35 on Tuesday. The company has a market capitalization of $8.20 billion, a PE ratio of 41.73, a P/E/G ratio of 2.19 and a beta of 0.55. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 12-month low of $68.10 and a 12-month high of $79.65. The business’s fifty day simple moving average is $72.82 and its 200-day simple moving average is $72.70.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous 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 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 Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.262 per share. This represents a c) annualized dividend and a yield of 4.4%. The ex-dividend date is Wednesday, December 31st. Agree Realty’s payout ratio is 183.63%.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.