Norges Bank Takes $116.11 Million Position in Agree Realty Corporation $ADC

Norges Bank bought a new position in Agree Realty Corporation (NYSE:ADC) in the 4th quarter, HoldingsChannel reports. The fund bought 1,612,027 shares of the real estate investment trust’s stock, valued at approximately $116,114,000.

A number of other institutional investors and hedge funds have also modified their holdings of ADC. Pasadena Private Wealth LLC purchased a new stake in Agree Realty in the 4th quarter worth about $1,349,000. Geode Capital Management LLC grew its stake in Agree Realty by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 2,509,922 shares of the real estate investment trust’s stock valued at $180,823,000 after acquiring an additional 117,346 shares in the last quarter. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at about $1,533,000. AlphaQuest LLC lifted its position in shares of Agree Realty by 1,832.4% in the fourth quarter. AlphaQuest LLC now owns 49,856 shares of the real estate investment trust’s stock worth $3,591,000 after purchasing an additional 47,276 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of Agree Realty by 13,885.1% in the fourth quarter. Harbour Investments Inc. now owns 9,370 shares of the real estate investment trust’s stock worth $675,000 after purchasing an additional 9,303 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $72.16 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $8.67 billion, a PE ratio of 39.00, a PEG ratio of 2.42 and a beta of 0.48. The firm’s 50 day moving average price is $75.99 and its 200 day moving average price is $75.25. Agree Realty Corporation has a twelve month low of $69.56 and a twelve month high of $82.08.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The company had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. During the same quarter in the prior year, the business posted $0.42 EPS. Agree Realty’s quarterly revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. As a group, research analysts expect that Agree Realty Corporation will post 4.44 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a $0.267 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 dividend on an annualized basis and a dividend yield of 1.5%. Agree Realty’s payout ratio is currently 172.97%.

Insider Transactions at Agree Realty

In related news, CEO Joey Agree purchased 13,295 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the purchase, the chief executive officer owned 675,105 shares in the company, valued at $50,909,668.05. The trade was a 2.01% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Greg Lehmkuhl acquired 750 shares of the stock in a transaction dated Thursday, May 14th. The shares were bought at an average cost of $75.09 per share, for a total transaction of $56,317.50. Following the acquisition, the director owned 34,465 shares in the company, valued at $2,587,976.85. The trade was a 2.22% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 14,191 shares of company stock valued at $1,069,944 in the last ninety days. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Agree Realty from $79.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, March 23rd. Barclays cut their target price on shares of Agree Realty from $86.00 to $84.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 19th. Weiss Ratings upgraded shares of Agree Realty from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 6th. UBS Group upped their price target on shares of Agree Realty from $82.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Finally, Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

About Agree Realty

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.