Agree Realty Corporation $ADC Position Increased by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. raised its position in Agree Realty Corporation (NYSE:ADC) by 1.3% during the second quarter, HoldingsChannel.com reports. The firm owned 154,960 shares of the real estate investment trust’s stock after buying an additional 2,039 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Agree Realty were worth $11,321,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Agree Realty during the 1st quarter worth about $64,759,000. Westwood Holdings Group Inc. acquired a new position in Agree Realty in the second quarter worth approximately $65,376,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Agree Realty in the first quarter worth approximately $41,114,000. Burkehill Global Management LP raised its position in Agree Realty by 450.0% during the first quarter. Burkehill Global Management LP now owns 550,000 shares of the real estate investment trust’s stock valued at $42,454,000 after acquiring an additional 450,000 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Agree Realty by 72.1% in the first quarter. Wellington Management Group LLP now owns 1,016,593 shares of the real estate investment trust’s stock valued at $78,471,000 after acquiring an additional 425,748 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Barclays dropped their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. KeyCorp increased their target price on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Truist Financial cut their target price on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Finally, Mizuho decreased their price target on Agree Realty from $78.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. Nine investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.73.

Insiders Place Their Bets

In other Agree Realty news, Director Greg Lehmkuhl purchased 750 shares of the company’s stock in a transaction on Friday, September 5th. The shares were bought at an average cost of $72.84 per share, with a total value of $54,630.00. Following the transaction, the director directly owned 27,684 shares in the company, valued at approximately $2,016,502.56. This represents a 2.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree purchased 3,528 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were acquired at an average price of $70.63 per share, with a total value of $249,182.64. Following the completion of the acquisition, the chief executive officer owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. The trade was a 0.56% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 29,792 shares of company stock worth $2,100,408. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Stock Performance

NYSE:ADC opened at $73.25 on Thursday. The firm has a market capitalization of $8.42 billion, a PE ratio of 42.84, a PEG ratio of 2.28 and a beta of 0.55. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The firm’s fifty day simple moving average is $72.71 and its 200 day simple moving average is $73.26.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, sell-side analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

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.