Bayforest Capital Ltd Sells 1,976 Shares of Agree Realty Corporation $ADC

Bayforest Capital Ltd reduced its position in Agree Realty Corporation (NYSE:ADC) by 56.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,515 shares of the real estate investment trust’s stock after selling 1,976 shares during the quarter. Bayforest Capital Ltd’s holdings in Agree Realty were worth $111,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Agree Realty by 280.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,981 shares of the real estate investment trust’s stock valued at $1,314,000 after purchasing an additional 13,252 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Agree Realty by 0.9% during the 2nd quarter. Yousif Capital Management LLC now owns 40,406 shares of the real estate investment trust’s stock worth $2,952,000 after buying an additional 370 shares in the last quarter. GW Henssler & Associates Ltd. bought a new stake in shares of Agree Realty during the 2nd quarter worth $219,000. CWM LLC boosted its stake in Agree Realty by 42.2% in the second quarter. CWM LLC now owns 4,912 shares of the real estate investment trust’s stock valued at $359,000 after buying an additional 1,457 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in Agree Realty by 10.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,812 shares of the real estate investment trust’s stock valued at $1,301,000 after acquiring an additional 1,652 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Joey Agree acquired 3,528 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was bought at an average cost of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the transaction, the chief executive officer directly owned 638,688 shares in the company, valued at $45,110,533.44. This represents a 0.56% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Greg Lehmkuhl bought 750 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average cost of $72.84 per share, with a total value of $54,630.00. Following the purchase, the director directly owned 27,684 shares of the company’s stock, valued at $2,016,502.56. The trade was a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 36,742 shares of company stock worth $2,601,704. 1.80% of the stock is owned by company insiders.

Agree Realty Stock Up 0.8%

Shares of NYSE ADC opened at $75.16 on Friday. The company has a 50 day simple moving average of $72.19 and a 200 day simple moving average of $73.62. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The firm has a market cap of $8.32 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.55.

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

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.262 dividend. The ex-dividend date is Friday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 186.90%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADC shares. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Mizuho lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, September 11th. Barclays cut their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Evercore ISI upped their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $80.63.

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.