Agree Realty Corporation $ADC Shares Bought by Amalgamated Bank

Amalgamated Bank raised its stake in Agree Realty Corporation (NYSE:ADC) by 2.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,066 shares of the real estate investment trust’s stock after acquiring an additional 1,324 shares during the quarter. Amalgamated Bank’s holdings in Agree Realty were worth $3,658,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Atria Investments Inc raised its stake in shares of Agree Realty by 2.5% during the 2nd quarter. Atria Investments Inc now owns 12,733 shares of the real estate investment trust’s stock worth $930,000 after buying an additional 310 shares during the period. Retirement Systems of Alabama raised its stake in shares of Agree Realty by 3.0% during the 2nd quarter. Retirement Systems of Alabama now owns 134,208 shares of the real estate investment trust’s stock worth $9,805,000 after buying an additional 3,939 shares during the period. Assetmark Inc. raised its stake in shares of Agree Realty by 41.0% during the 2nd quarter. Assetmark Inc. now owns 22,283 shares of the real estate investment trust’s stock worth $1,628,000 after buying an additional 6,477 shares during the period. Hantz Financial Services Inc. raised its stake in shares of Agree Realty by 580.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,986 shares of the real estate investment trust’s stock worth $145,000 after buying an additional 1,694 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of Agree Realty by 2,854.6% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 100,604 shares of the real estate investment trust’s stock worth $7,350,000 after buying an additional 97,199 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADC shares. Truist Financial reduced their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Mizuho dropped their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, September 11th. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada boosted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $80.73.

Insider Buying and Selling

In other Agree Realty news, CEO Joey Agree acquired 3,528 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was purchased at an average cost of $70.63 per share, with a total value of $249,182.64. Following the transaction, the chief executive officer owned 638,688 shares of the company’s stock, valued at $45,110,533.44. This trade represents a 0.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Erlich acquired 360 shares of Agree Realty stock in a transaction that occurred on Friday, October 3rd. The stock was bought at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the completion of 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 36,742 shares of company stock valued at $2,601,704 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Up 0.2%

Shares of NYSE:ADC opened at $73.03 on Monday. 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 business has a fifty day moving average of $72.48 and a two-hundred day moving average of $73.62. The stock has a market cap of $8.39 billion, a P/E ratio of 42.71, a PEG ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65.

Agree Realty (NYSE:ADC) last issued its earnings results 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. The company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a $0.262 dividend. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.26. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Agree Realty 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.