Alliancebernstein L.P. Purchases 105,050 Shares of Agree Realty Corporation $ADC

Alliancebernstein L.P. raised its position in shares of Agree Realty Corporation (NYSE:ADC) by 69.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 256,785 shares of the real estate investment trust’s stock after purchasing an additional 105,050 shares during the period. Alliancebernstein L.P.’s holdings in Agree Realty were worth $19,821,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ADC. Cullen Frost Bankers Inc. purchased a new position in shares of Agree Realty in the 1st quarter valued at $27,000. Bernard Wealth Management Corp. purchased a new position in shares of Agree Realty in the 4th quarter valued at $31,000. SVB Wealth LLC purchased a new position in shares of Agree Realty in the 1st quarter valued at $33,000. Capital Advisors Ltd. LLC increased its holdings in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 270 shares during the period. Finally, NBC Securities Inc. purchased a new position in Agree Realty during the 1st quarter worth $39,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ADC shares. Wall Street Zen downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday, July 13th. Morgan Stanley downgraded Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a research note on Friday, July 11th. UBS Group boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, August 12th. Truist Financial set a $84.00 target price on Agree Realty in a research note on Friday, August 8th. Finally, Mizuho dropped their target price on Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.50.

Agree Realty Stock Performance

Shares of ADC opened at $71.93 on Thursday. The stock has a 50-day moving average of $72.72 and a two-hundred day moving average of $74.30. Agree Realty Corporation has a one year low of $67.58 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market cap of $7.96 billion, a P/E ratio of 42.82, a P/E/G ratio of 2.42 and a beta of 0.56.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company had revenue of $175.53 million during the quarter, compared to analysts’ expectations of $173.95 million. During the same quarter in the previous year, the firm posted $1.04 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty’s payout ratio is currently 182.74%.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction on Friday, September 5th. The stock was bought at an average price of $72.84 per share, with a total value of $54,630.00. Following the transaction, the director owned 27,684 shares in the company, valued at $2,016,502.56. The trade was a 2.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joey Agree acquired 2,100 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $72.08 per share, with a total value of $151,368.00. Following the acquisition, the chief executive officer owned 635,160 shares in the company, valued at approximately $45,782,332.80. This trade represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 7,700 shares of company stock valued at $555,926. 1.80% of the stock is currently owned by insiders.

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.