Insider Buying: Agree Realty (NYSE:ADC) CEO Buys $1,002,575.95 in Stock

Agree Realty Corporation (NYSE:ADC) CEO Joey Agree purchased 13,295 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the acquisition, the chief executive officer owned 675,105 shares in the company, valued at approximately $50,909,668.05. The trade was a 2.01% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Agree Realty Trading Down 0.1%

Shares of NYSE ADC opened at $75.52 on Thursday. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 40.82, a price-to-earnings-growth ratio of 2.58 and a beta of 0.50. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock’s 50 day simple moving average is $76.96 and its 200 day simple moving average is $75.17.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The business had revenue of $211.49 million for the quarter, compared to the consensus estimate of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The business’s revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Equities research analysts expect that Agree Realty Corporation will post 4.44 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.267 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 annualized dividend and a yield of 1.4%. Agree Realty’s payout ratio is presently 172.97%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADC shares. Mizuho cut their target price on Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Morgan Stanley set a $81.00 target price on Agree Realty in a research note on Tuesday, April 21st. UBS Group lifted their target price on Agree Realty from $82.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Raymond James Financial lifted their target price on Agree Realty from $84.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, Barclays cut their target price on Agree Realty from $86.00 to $84.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.79.

Hedge Funds Weigh In On Agree Realty

Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Agree Realty by 65.4% during the 1st quarter. Bank of America Corp DE now owns 1,526,561 shares of the real estate investment trust’s stock valued at $115,072,000 after purchasing an additional 603,480 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Agree Realty in the 1st quarter worth $10,803,000. Amundi grew its holdings in shares of Agree Realty by 5.6% in the 1st quarter. Amundi now owns 63,574 shares of the real estate investment trust’s stock worth $4,792,000 after acquiring an additional 3,388 shares during the last quarter. Adelante Capital Management LLC grew its holdings in shares of Agree Realty by 0.4% in the 1st quarter. Adelante Capital Management LLC now owns 440,181 shares of the real estate investment trust’s stock worth $33,181,000 after acquiring an additional 1,766 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Agree Realty by 29.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,281 shares of the real estate investment trust’s stock worth $97,000 after acquiring an additional 292 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.