Lasalle Investment Management Securities LLC Has $60.27 Million Stake in Agree Realty Co. (NYSE:ADC)

Lasalle Investment Management Securities LLC boosted its position in shares of Agree Realty Co. (NYSE:ADC) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,055,171 shares of the real estate investment trust’s stock after acquiring an additional 38,156 shares during the period. Agree Realty accounts for 2.5% of Lasalle Investment Management Securities LLC’s investment portfolio, making the stock its 17th biggest holding. Lasalle Investment Management Securities LLC owned approximately 1.05% of Agree Realty worth $60,271,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Impax Asset Management Group plc acquired a new position in Agree Realty during the 4th quarter worth $7,554,000. Norges Bank bought a new position in shares of Agree Realty during the 4th quarter worth about $71,409,000. Daiwa Securities Group Inc. increased its holdings in shares of Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after purchasing an additional 21,254 shares during the period. Scout Investments Inc. increased its holdings in shares of Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after purchasing an additional 214,840 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Agree Realty by 4.6% during the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after purchasing an additional 8,700 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC traded up $0.68 during mid-day trading on Friday, hitting $71.47. 1,615,144 shares of the stock were exchanged, compared to its average volume of 1,007,687. The company has a market cap of $7.19 billion, a P/E ratio of 42.04, a PEG ratio of 2.80 and a beta of 0.58. The stock’s fifty day simple moving average is $63.30 and its two-hundred day simple moving average is $59.74. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $72.03.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. As a group, analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend is Wednesday, July 31st. Agree Realty’s payout ratio is 176.47%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ADC shares. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Mizuho boosted their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. UBS Group boosted their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $66.95.

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.