Ontario Teachers Pension Plan Board Buys Shares of 9,267 Agree Realty Corporation $ADC

Ontario Teachers Pension Plan Board bought a new stake in Agree Realty Corporation (NYSE:ADC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,267 shares of the real estate investment trust’s stock, valued at approximately $677,000.

A number of other institutional investors and hedge funds have also modified their holdings of ADC. Mutual of America Capital Management LLC increased its holdings in Agree Realty by 1.0% in the first 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 last quarter. Larson Financial Group LLC grew its position in Agree Realty by 415.1% in the first quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 440 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Agree Realty by 107.8% during the 1st quarter. Victory Capital Management Inc. now owns 104,863 shares of the real estate investment trust’s stock worth $8,094,000 after purchasing an additional 54,410 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at $27,000. Finally, Lindbrook Capital LLC raised its holdings in shares of Agree Realty by 260.3% during the 1st quarter. Lindbrook Capital LLC now owns 2,832 shares of the real estate investment trust’s stock valued at $219,000 after purchasing an additional 2,046 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC opened at $73.83 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average price is $72.65 and its two-hundred day moving average price is $73.28. The firm has a market capitalization of $8.49 billion, a P/E ratio of 43.18, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $183.22 million during 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 company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, November 28th. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Insider Activity at Agree Realty

In related news, insider Craig Erlich acquired 360 shares of the company’s stock in a transaction dated Friday, October 3rd. The shares were bought at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the acquisition, the insider owned 52,846 shares in the company, valued at $3,743,610.64. This trade represents a 0.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg Lehmkuhl acquired 750 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were bought at an average cost of $72.84 per share, with a total value of $54,630.00. Following the transaction, the director directly owned 27,684 shares of the company’s stock, valued at $2,016,502.56. The trade was a 2.78% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 29,792 shares of company stock valued at $2,100,408. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the topic of several analyst reports. KeyCorp increased their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Evercore ISI upped their price target on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Truist Financial cut their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Royal Bank Of Canada raised their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Finally, Barclays decreased their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 20th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.73.

Agree Realty Company Profile

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.