Engineers Gate Manager LP Reduces Holdings in Agree Realty Corporation $ADC

Engineers Gate Manager LP cut its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 84.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 90,181 shares of the real estate investment trust’s stock after selling 501,365 shares during the quarter. Engineers Gate Manager LP’s holdings in Agree Realty were worth $6,830,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Agree Realty during the second quarter worth $1,447,551,000. California State Teachers Retirement System raised its holdings in shares of Agree Realty by 7,473.6% during the second quarter. California State Teachers Retirement System now owns 10,617,309 shares of the real estate investment trust’s stock worth $804,155,000 after purchasing an additional 10,477,120 shares during the period. Bank of America Corp DE bought a new position in shares of Agree Realty in the 2nd quarter worth about $130,921,000. Norges Bank acquired a new position in shares of Agree Realty in the 4th quarter valued at about $116,114,000. Finally, Deutsche Bank AG bought a new stake in shares of Agree Realty during the 2nd quarter valued at about $104,747,000. Institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In related news, Director John Rakolta, Jr. purchased 20,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were acquired at an average cost of $73.23 per share, with a total value of $1,464,600.00. Following the completion of the purchase, the director owned 622,061 shares of the company’s stock, valued at $45,553,527.03. The trade was a 3.32% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

ADC stock opened at $71.26 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $8.86 billion, a P/E ratio of 38.31, a P/E/G ratio of 2.34 and a beta of 0.46. The firm has a 50 day simple moving average of $76.05 and a 200 day simple moving average of $76.43. Agree Realty Corporation has a 52 week low of $69.56 and a 52 week high of $82.08.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). The company had revenue of $216.33 million for the quarter, compared to analysts’ expectations of $204.53 million. Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.06 earnings per share. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.45 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 Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.267 per share. This represents a c) annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Wednesday, September 30th. Agree Realty’s payout ratio is currently 172.04%.

Analyst Ratings Changes

A number of brokerages have issued reports on ADC. Robert W. Baird set a $83.00 target price on shares of Agree Realty in a report on Friday, July 31st. Huntington initiated coverage on Agree Realty in a report on Wednesday, July 15th. They set an “outperform” rating and a $84.00 target price on the stock. Weiss Ratings upgraded shares of Agree Realty from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 25th. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Barclays boosted their price target on shares of Agree Realty from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $83.94.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a real estate investment trust that owns, develops, acquires and manages retail properties. The company primarily invests in freestanding, net-leased properties occupied by nationally recognized and regionally established retailers.

Under a net lease, tenants generally pay expenses such as property taxes, insurance and maintenance in addition to rent. Agree Realty’s portfolio is focused largely on essential retail locations, including stores serving everyday consumer needs.