Russell Investments Group Ltd. Sells 9,239 Shares of Agree Realty Corporation $ADC

Russell Investments Group Ltd. trimmed its position in Agree Realty Corporation (NYSE:ADC) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,266,857 shares of the real estate investment trust’s stock after selling 9,239 shares during the quarter. Russell Investments Group Ltd. owned approximately 1.14% of Agree Realty worth $92,556,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ADC. Mutual of America Capital Management LLC grew its position in shares of Agree Realty by 1.0% during the 1st quarter. Mutual of America Capital Management LLC now owns 55,086 shares of the real estate investment trust’s stock worth $4,252,000 after buying an additional 519 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Agree Realty in the first quarter valued at approximately $263,000. AE Wealth Management LLC acquired a new stake in Agree Realty during the 1st quarter worth $358,000. Cetera Investment Advisers raised its position in shares of Agree Realty by 10.0% during the 1st quarter. Cetera Investment Advisers now owns 30,671 shares of the real estate investment trust’s stock valued at $2,368,000 after acquiring an additional 2,781 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Agree Realty by 2.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 82,371 shares of the real estate investment trust’s stock valued at $6,358,000 after purchasing an additional 1,798 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.2%

Shares of Agree Realty stock opened at $75.24 on Thursday. The company has a market capitalization of $8.65 billion, a P/E ratio of 44.00, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The business has a 50-day moving average of $72.89 and a two-hundred day moving average of $73.22. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The business had revenue of $183.22 million during the quarter, compared to analyst estimates of $181.87 million. During the same period in the previous year, the firm earned $1.03 EPS. Agree Realty’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 analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio is currently 183.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Mizuho decreased their price objective 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. Royal Bank Of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Evercore ISI upped their price target on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 15th. KeyCorp lifted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Finally, Truist Financial decreased their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a report on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $81.21.

Insider Activity at Agree Realty

In related news, Director Greg Lehmkuhl acquired 750 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the acquisition, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John Rakolta, Jr. bought 25,154 shares of Agree Realty stock in a transaction that occurred on Tuesday, October 7th. The stock was bought at an average cost of $70.41 per share, with a total value of $1,771,093.14. Following the completion of the purchase, the director owned 553,700 shares in the company, valued at approximately $38,986,017. This trade represents a 4.76% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 29,792 shares of company stock valued at $2,100,408. Insiders own 1.80% of the company’s stock.

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.