Manning & Napier Advisors LLC Takes Position in Agree Realty Co. (NYSE:ADC)

Manning & Napier Advisors LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 95,497 shares of the real estate investment trust’s stock, valued at approximately $5,915,000. Manning & Napier Advisors LLC owned about 0.09% of Agree Realty at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Arizona State Retirement System raised its stake in shares of Agree Realty by 1.4% in the 4th quarter. Arizona State Retirement System now owns 26,912 shares of the real estate investment trust’s stock valued at $1,694,000 after acquiring an additional 376 shares during the period. Private Trust Co. NA boosted its stake in shares of Agree Realty by 150.8% in the fourth quarter. Private Trust Co. NA now owns 1,590 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 956 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Agree Realty by 1.3% in the fourth quarter. New York State Teachers Retirement System now owns 112,113 shares of the real estate investment trust’s stock valued at $7,058,000 after purchasing an additional 1,393 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Agree Realty by 44.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 638,225 shares of the real estate investment trust’s stock worth $40,176,000 after buying an additional 195,256 shares in the last quarter. Finally, Impax Asset Management Group plc purchased a new position in Agree Realty in the 4th quarter valued at approximately $7,554,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

ADC has been the topic of a number of recent research reports. Stifel Nicolaus upped their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. KeyCorp assumed coverage on Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Royal Bank of Canada boosted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. UBS Group increased their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $67.77.

Agree Realty Stock Performance

ADC traded up $0.52 on Friday, reaching $72.10. The company had a trading volume of 618,334 shares, compared to its average volume of 965,052. The stock has a 50-day moving average price of $64.28 and a 200-day moving average price of $60.04. The stock has a market capitalization of $7.26 billion, a PE ratio of 42.41, a P/E/G ratio of 2.80 and a beta of 0.58. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $73.20. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. As a group, research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.16%. Agree Realty’s payout ratio is 176.47%.

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.