Insider Buying: Agree Realty (NYSE:ADC) Chairman Buys 24,000 Shares of Stock

Agree Realty Corporation (NYSE:ADC) Chairman Richard Agree bought 24,000 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the completion of the acquisition, the chairman owned 159,855 shares of the company’s stock, valued at $11,296,952.85. This trade represents a 17.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Agree Realty Trading Down 0.5%

Shares of NYSE:ADC opened at $70.45 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 41.20, a PEG ratio of 2.19 and a beta of 0.55. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The company has a 50 day moving average price of $72.85 and a 200 day moving average price of $72.71.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $183.22 million during the quarter, compared to the consensus estimate of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.262 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 4.5%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Truist Financial decreased their price target on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Stifel Nicolaus set a $83.50 price target on Agree Realty in a research report on Tuesday, November 25th. Mizuho dropped their price target on Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Royal Bank Of Canada cut their price objective on Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday, January 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.23.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ADC. Vanguard Group Inc. grew its holdings in Agree Realty by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock worth $1,111,533,000 after acquiring an additional 329,892 shares during the period. State Street Corp grew its stake in shares of Agree Realty by 0.5% during the third quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock worth $412,954,000 after purchasing an additional 27,546 shares during the period. Centersquare Investment Management LLC lifted its stake in Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after buying an additional 51,269 shares during the period. Geode Capital Management LLC boosted its holdings in Agree Realty by 6.8% during the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after buying an additional 170,827 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 0.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock worth $167,825,000 after buying an additional 15,389 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.