Agree Realty Corporation $ADC Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. reduced its stake in Agree Realty Corporation by 3.7% in Q2, owning 1.63% of the company worth $131.5 million. Analysts have mixed ratings, with a consensus target price of $80.73. Insiders have recently bought shares, increasing their holdings. Agree Realty's stock opened at $74.47, with a market cap of $8.56 billion and a P/E ratio of 43.55.

Prudential Financial Inc. trimmed its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,799,922 shares of the real estate investment trust's stock after selling 68,694 shares during the quarter. Prudential Financial Inc. owned approximately 1.63% of Agree Realty worth $131,502,000 at the end of the most recent quarter.

3 Stocks to Buy After Heavy Insider Buying

Several other large investors have also recently bought and sold shares of the business. AE Wealth Management LLC acquired a new stake in shares of Agree Realty during the 1st quarter valued at about $358,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Agree Realty by 77.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock valued at $8,699,000 after purchasing an additional 49,282 shares during the last quarter. Twin Tree Management LP increased its position in Agree Realty by 615,421.4% in the 1st quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust's stock worth $6,652,000 after buying an additional 86,159 shares during the period. Ascent Group LLC bought a new stake in Agree Realty in the 1st quarter valued at $2,459,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Agree Realty during the first quarter worth about $1,161,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADC shares. Evercore ISI upped their price objective on Agree Realty from $83.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Truist Financial lowered their price target on shares of Agree Realty from $84.00 to $82.00 and set a "buy" rating for the company in a report on Friday, October 24th. UBS Group raised their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Agree Realty in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.73.

Get Our Latest Research Report on ADC

Insider Buying and Selling at Agree Realty

In other Agree Realty news, insider Craig Erlich acquired 360 shares of the company's stock in a transaction dated Friday, October 3rd. The shares were bought at an average cost of $70.84 per share, with a total value of $25,502.40. Following the purchase, the insider directly owned 52,846 shares of the company's stock, valued at $3,743,610.64. This trade represents a 0.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joey Agree purchased 3,528 shares of Agree Realty stock in a transaction on Thursday, October 2nd. The stock was bought at an average price of $70.63 per share, with a total value of $249,182.64. Following the completion of the acquisition, the chief executive officer directly owned 638,688 shares of the company's stock, valued at approximately $45,110,533.44. This trade represents a 0.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 29,792 shares of company stock valued at $2,100,408 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $74.47 on Monday. The company has a market capitalization of $8.56 billion, a P/E ratio of 43.55, a P/E/G ratio of 2.28 and a beta of 0.55. The stock has a 50 day moving average of $72.73 and a 200-day moving average of $73.21. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.02. The firm 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 for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty's payout ratio is currently 183.63%.

About Agree Realty

(Free Report)

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.

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