Westpac Banking Corp Acquires Shares of 21,050 Agree Realty Corporation $ADC

Westpac Banking Corp acquired a new stake in Agree Realty Corporation (NYSE:ADC) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 21,050 shares of the real estate investment trust’s stock, valued at approximately $1,516,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADC. Centersquare Investment Management LLC raised its holdings in shares of Agree Realty by 1.8% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after buying an additional 51,269 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 65.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after buying an additional 799,185 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Agree Realty by 7.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 342,915 shares of the real estate investment trust’s stock worth $24,361,000 after buying an additional 25,236 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in shares of Agree Realty during the 3rd quarter worth $971,000. Finally, Vanguard Group Inc. raised its holdings in shares of Agree Realty by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust’s stock worth $1,133,114,000 after buying an additional 84,568 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on ADC. Morgan Stanley set a $81.00 price target on Agree Realty in a report on Tuesday, April 21st. UBS Group boosted their price target on Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Jefferies Financial Group began coverage on Agree Realty in a report on Monday. They set a “buy” rating and a $84.00 price target for the company. Raymond James Financial boosted their price target on Agree Realty from $84.00 to $90.00 and gave the stock a “strong-buy” rating in a report on Tuesday, March 17th. Finally, Stifel Nicolaus boosted their price target on Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $83.80.

Insider Activity at Agree Realty

In other news, CEO Joey Agree purchased 13,295 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were acquired at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Greg Lehmkuhl purchased 750 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $75.09 per share, for a total transaction of $56,317.50. Following the acquisition, the director owned 34,465 shares of the company’s stock, valued at approximately $2,587,976.85. This represents a 2.22% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 14,191 shares of company stock worth $1,069,944. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $72.07 on Thursday. The business’s 50 day moving average price is $76.05 and its two-hundred day moving average price is $75.26. The firm has a market cap of $8.66 billion, a PE ratio of 38.96, a price-to-earnings-growth ratio of 2.45 and a beta of 0.48. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Agree Realty Corporation has a 52-week low of $69.56 and a 52-week high of $82.08.

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 analyst estimates of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The company’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 earnings per share. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. On average, equities analysts anticipate that Agree Realty Corporation will post 4.44 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a $0.267 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.07 annualized dividend and a yield of 1.5%. Agree Realty’s dividend payout ratio is presently 172.97%.

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.