PGGM Investments Increases Position in Agree Realty Corporation $ADC

PGGM Investments increased its position in shares of Agree Realty Corporation (NYSE:ADC) by 22.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,169,027 shares of the real estate investment trust’s stock after acquiring an additional 212,781 shares during the quarter. PGGM Investments’ holdings in Agree Realty were worth $83,048,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Investment Advisers boosted its holdings in shares of Agree Realty by 4.4% during the second quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock worth $2,340,000 after purchasing an additional 1,351 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 306 shares during the last quarter. Fifth Third Bancorp grew its holdings in Agree Realty by 33.5% in the 2nd quarter. Fifth Third Bancorp now owns 6,030 shares of the real estate investment trust’s stock valued at $441,000 after buying an additional 1,512 shares during the period. Jump Financial LLC increased its stake in shares of Agree Realty by 169.9% during the 2nd quarter. Jump Financial LLC now owns 208,252 shares of the real estate investment trust’s stock valued at $15,215,000 after acquiring an additional 131,100 shares during the last quarter. Finally, Capital Fund Management S.A. acquired a new position in shares of Agree Realty during the 2nd quarter valued at about $1,414,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADC has been the topic of several recent analyst reports. Truist Financial cut their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, January 11th. Royal Bank Of Canada decreased their price target on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 6th. Barclays boosted their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Finally, Wells Fargo & Company increased their target price on Agree Realty from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.23.

Insiders Place Their Bets

In related news, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction on Friday, January 9th. The shares were bought at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. This trade represents a 2.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard Agree bought 24,000 shares of the stock in a transaction dated Friday, January 9th. The stock was bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the purchase, the chairman owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This represents a 17.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 39,500 shares of company stock worth $2,813,680 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Agree Realty Trading Down 0.5%

Shares of ADC stock opened at $71.97 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 fifty-two week low of $68.98 and a fifty-two week high of $79.65. The firm’s 50 day moving average price is $72.79 and its two-hundred day moving average price is $72.68. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 42.09, a price-to-earnings-growth ratio of 2.25 and a beta of 0.55.

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

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a $0.262 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a c) annualized dividend and a yield of 4.4%. Agree Realty’s dividend payout ratio (DPR) is 183.63%.

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.