Caitong International Asset Management Co. Ltd Grows Stake in Agree Realty Corporation $ADC

Caitong International Asset Management Co. Ltd lifted its position in Agree Realty Corporation (NYSE:ADC) by 229.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,356 shares of the real estate investment trust’s stock after buying an additional 944 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Agree Realty were worth $99,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ADC. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Agree Realty by 4.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock worth $896,000 after buying an additional 504 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Agree Realty by 61.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after buying an additional 4,551 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Agree Realty by 10.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock worth $1,626,000 after buying an additional 1,941 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after buying an additional 139 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its position in Agree Realty by 24.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 3,844 shares of the real estate investment trust’s stock valued at $297,000 after purchasing an additional 743 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Craig Erlich bought 360 shares of Agree Realty stock in a transaction dated Friday, October 3rd. The shares were purchased at an average cost of $70.84 per share, with a total value of $25,502.40. Following the completion of the acquisition, the insider owned 52,846 shares of the company’s stock, valued at $3,743,610.64. This trade represents a 0.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg Lehmkuhl bought 750 shares of Agree Realty stock in a transaction dated Friday, September 5th. The stock was purchased at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the acquisition, the director directly owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. The trade was a 2.78% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 36,742 shares of company stock valued at $2,601,704 over the last three months. Insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $74.75 on Friday. The stock’s 50-day simple moving average is $72.45 and its 200-day simple moving average is $73.67. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 2.44 and a beta of 0.55. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The business had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same period in the previous year, the business earned $1.03 earnings per share. The business’s revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a $0.262 dividend. The ex-dividend date is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is presently 179.53%.

Analyst Ratings Changes

Several research firms recently weighed in on ADC. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. KeyCorp lifted their target price on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday. Evercore ISI lifted their target price on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Royal Bank Of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Truist Financial lowered their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.73.

About Agree Realty

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.