Agree Realty (ADC) Scheduled to Post Earnings on Tuesday

Agree Realty (NYSE:ADC) is scheduled to be posting its quarterly earnings results after the market closes on Tuesday, April 23rd. Analysts expect Agree Realty to post earnings of $1.01 per share for the quarter. Individual interested in participating in the company’s earnings conference call can do so using this link.

Agree Realty Trading Up 1.3 %

Shares of ADC stock opened at $56.56 on Monday. Agree Realty has a 12-month low of $52.69 and a 12-month high of $69.26. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average price is $56.58 and its 200-day moving average price is $58.19. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 33.08, a price-to-earnings-growth ratio of 2.62 and a beta of 0.52.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 5.30%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s payout ratio is 173.10%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADC shares. Truist Financial dropped their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Royal Bank of Canada dropped their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. StockNews.com lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. Mizuho dropped their price target on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, March 7th. Finally, Wells Fargo & Company dropped their price target on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average target price of $65.61.

Insider Activity at Agree Realty

In other news, CEO Joey Agree purchased 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Agree Realty news, Chairman Richard Agree acquired 16,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $55.50 per share, with a total value of $888,000.00. Following the completion of the purchase, the chairman now directly owns 135,855 shares of the company’s stock, valued at approximately $7,539,952.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree acquired 2,000 shares of Agree Realty stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, with a total value of $115,120.00. Following the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 42,482 shares of company stock worth $2,397,572. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently bought and sold shares of ADC. Morgan Stanley raised its stake in Agree Realty by 75.2% in the fourth quarter. Morgan Stanley now owns 2,506,775 shares of the real estate investment trust’s stock worth $177,806,000 after buying an additional 1,075,648 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Agree Realty by 6.7% during the third quarter. Vanguard Group Inc. now owns 12,644,530 shares of the real estate investment trust’s stock worth $854,518,000 after purchasing an additional 797,668 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Agree Realty by 184.8% during the second quarter. Goldman Sachs Group Inc. now owns 926,315 shares of the real estate investment trust’s stock worth $66,815,000 after purchasing an additional 601,073 shares in the last quarter. State Street Corp increased its position in shares of Agree Realty by 11.7% during the first quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust’s stock worth $287,195,000 after purchasing an additional 451,462 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Agree Realty by 33.6% during the first quarter. JPMorgan Chase & Co. now owns 1,592,060 shares of the real estate investment trust’s stock worth $109,230,000 after purchasing an additional 400,084 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

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.