Moran Wealth Management LLC Sells 250 Shares of Agree Realty Corporation $ADC

Moran Wealth Management LLC trimmed its stake in Agree Realty Corporation (NYSE:ADC) by 1.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,050 shares of the real estate investment trust’s stock after selling 250 shares during the quarter. Moran Wealth Management LLC’s holdings in Agree Realty were worth $1,392,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADC. Wealth Enhancement Advisory Services LLC boosted its holdings in Agree Realty by 4.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock worth $896,000 after acquiring an additional 504 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Agree Realty by 61.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after acquiring an additional 4,551 shares in the last quarter. QRG Capital Management Inc. bought a new stake in Agree Realty in the first quarter worth $238,000. Friedenthal Financial bought a new stake in Agree Realty in the first quarter worth $897,000. Finally, Retirement Systems of Alabama boosted its holdings in Agree Realty by 3.7% in the first quarter. Retirement Systems of Alabama now owns 130,269 shares of the real estate investment trust’s stock worth $10,055,000 after acquiring an additional 4,666 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Up 0.9%

Agree Realty stock opened at $73.79 on Thursday. The stock has a market cap of $8.17 billion, a PE ratio of 43.92, a price-to-earnings-growth ratio of 2.38 and a beta of 0.55. 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 one year low of $67.58 and a one year high of $79.65. The stock has a fifty day moving average of $72.14 and a 200 day moving average of $73.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million during the quarter, compared to analysts’ expectations of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.Agree Realty’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a yield of 4.3%. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. Agree Realty’s dividend payout ratio (DPR) is currently 182.74%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley downgraded Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Mizuho lowered their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Finally, Evercore ISI upped their price target on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.63.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl acquired 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The stock was bought at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the transaction, the director owned 27,684 shares in the company, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Erlich acquired 360 shares of Agree Realty stock in a transaction that occurred on Friday, October 3rd. The shares were purchased at an average price of $70.84 per share, with a total value of $25,502.40. Following the transaction, the insider owned 52,846 shares of the company’s stock, valued at $3,743,610.64. The trade was a 0.69% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 36,742 shares of company stock worth $2,601,704 in the last three months. 1.80% of the stock is owned by 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.