Agree Realty Corporation $ADC Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in Agree Realty Corporation (NYSE:ADC) by 47.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,217,537 shares of the real estate investment trust’s stock after selling 1,120,682 shares during the period. JPMorgan Chase & Co. owned 1.10% of Agree Realty worth $88,953,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ADC. Swiss National Bank raised its position in Agree Realty by 2.2% in the second quarter. Swiss National Bank now owns 204,982 shares of the real estate investment trust’s stock valued at $14,976,000 after purchasing an additional 4,500 shares during the period. Vanguard Group Inc. raised its holdings in Agree Realty by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,316,681 shares of the real estate investment trust’s stock valued at $1,119,037,000 after buying an additional 403,048 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in Agree Realty in the 2nd quarter valued at about $340,000. Intrust Bank NA lifted its position in Agree Realty by 22.5% in the second quarter. Intrust Bank NA now owns 12,326 shares of the real estate investment trust’s stock valued at $901,000 after buying an additional 2,261 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in Agree Realty by 1.3% in the second quarter. Nomura Asset Management Co. Ltd. now owns 154,960 shares of the real estate investment trust’s stock valued at $11,321,000 after buying an additional 2,039 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Craig Erlich acquired 360 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was acquired at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider owned 52,846 shares of the company’s stock, valued at $3,743,610.64. This represents a 0.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Greg Lehmkuhl bought 750 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were purchased at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director directly owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 29,792 shares of company stock worth $2,100,408. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADC. Wells Fargo & Company lifted their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday. Evercore ISI lifted their target price on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, September 15th. UBS Group boosted their target price on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Finally, Truist Financial dropped their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Nine analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.21.

Agree Realty Price Performance

Agree Realty stock opened at $75.24 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week high of $79.65. The firm has a market cap of $8.65 billion, a PE ratio of 44.00, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55. The company’s 50 day moving average is $72.96 and its two-hundred day moving average is $73.23.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The company’s revenue was up 18.7% on a year-over-year basis. During the same quarter 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, research analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given 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 4.2%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

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.