Westpac Banking Corp Makes New $1.52 Million Investment in Agree Realty Corporation $ADC

Westpac Banking Corp purchased a new position in Agree Realty Corporation (NYSE:ADC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 21,050 shares of the real estate investment trust’s stock, valued at approximately $1,516,000.

Other large investors also recently modified their holdings of the company. New Mexico Educational Retirement Board increased its stake in Agree Realty by 13.5% during the 4th quarter. New Mexico Educational Retirement Board now owns 23,500 shares of the real estate investment trust’s stock worth $1,693,000 after purchasing an additional 2,800 shares in the last quarter. Lasalle Investment Management Securities LLC raised its holdings in shares of Agree Realty by 6.2% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 674,524 shares of the real estate investment trust’s stock worth $48,586,000 after acquiring an additional 39,119 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in shares of Agree Realty by 7.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 171,500 shares of the real estate investment trust’s stock worth $12,353,000 after acquiring an additional 11,170 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Agree Realty by 2.9% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 65,699 shares of the real estate investment trust’s stock worth $4,732,000 after acquiring an additional 1,834 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Agree Realty by 12.7% during the fourth quarter. BNP Paribas Financial Markets now owns 151,476 shares of the real estate investment trust’s stock worth $10,911,000 after acquiring an additional 17,107 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. UBS Group lifted their target price on Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Mizuho reduced their target price on Agree Realty from $86.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Citigroup lifted their target price on Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Barclays reduced their target price on Agree Realty from $86.00 to $84.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given 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 price target of $83.80.

Agree Realty Stock Performance

NYSE:ADC opened at $72.07 on Thursday. The stock has a market cap of $8.66 billion, a P/E ratio of 38.96, a PEG ratio of 2.45 and a beta of 0.48. The stock has a 50 day simple moving average of $76.05 and a 200 day simple moving average of $75.26. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 1-year low of $69.56 and a 1-year high of $82.08.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The business had revenue of $211.49 million during the quarter, compared to analysts’ expectations of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Research analysts anticipate that Agree Realty Corporation will post 4.44 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a dividend of $0.267 per share. This represents a $1.07 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, May 29th. Agree Realty’s dividend payout ratio (DPR) is presently 172.97%.

Insider Activity at Agree Realty

In related news, CEO Joey Agree acquired 13,295 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the acquisition, the chief executive officer directly owned 675,105 shares of the company’s stock, valued at approximately $50,909,668.05. The trade was a 2.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Greg Lehmkuhl acquired 750 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $75.09 per share, with a total value of $56,317.50. Following the completion of the acquisition, the director directly owned 34,465 shares in the company, valued at approximately $2,587,976.85. This represents a 2.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have purchased 14,191 shares of company stock valued at $1,069,944. 1.80% of the stock is currently owned by insiders.

Agree Realty Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.