The Manufacturers Life Insurance Company Makes New Investment in Agree Realty Corporation $ADC

The Manufacturers Life Insurance Company acquired a new stake in shares of Agree Realty Corporation (NYSE:ADC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 89,493 shares of the real estate investment trust’s stock, valued at approximately $6,778,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Agree Realty during the second quarter worth $1,447,551,000. Cohen & Steers Inc. boosted its position in shares of Agree Realty by 4.8% in the 4th quarter. Cohen & Steers Inc. now owns 14,094,952 shares of the real estate investment trust’s stock valued at $1,015,324,000 after purchasing an additional 649,301 shares during the period. State Street Corp increased its stake in Agree Realty by 1.6% in the 4th quarter. State Street Corp now owns 5,884,291 shares of the real estate investment trust’s stock worth $425,350,000 after purchasing an additional 91,766 shares in the last quarter. Principal Financial Group Inc. increased its stake in Agree Realty by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust’s stock worth $341,180,000 after purchasing an additional 232,532 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in Agree Realty by 13.9% during the 4th quarter. Centersquare Investment Management LLC now owns 3,299,172 shares of the real estate investment trust’s stock worth $237,639,000 after buying an additional 402,943 shares during the period. 97.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on ADC shares. Weiss Ratings upgraded shares of Agree Realty from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 25th. Huntington started coverage on shares of Agree Realty in a research report on Wednesday, July 15th. They issued an “outperform” rating and a $84.00 price target for the company. Robert W. Baird set a $83.00 price objective on shares of Agree Realty in a research note on Friday, July 31st. Mizuho cut their target price on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group began coverage on Agree Realty in a report on Monday, June 1st. They issued a “buy” rating and a $84.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.94.

Agree Realty Stock Performance

Shares of ADC opened at $73.21 on Monday. The company has a market capitalization of $9.11 billion, a PE ratio of 39.36, a PEG ratio of 2.39 and a beta of 0.47. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50 day moving average price is $76.77 and its 200 day moving average price is $76.78. Agree Realty Corporation has a 52 week low of $69.56 and a 52 week high of $82.08.

Agree Realty (NYSE:ADC) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The company had revenue of $216.33 million for the quarter, compared to analyst estimates of $204.53 million. During the same period last year, the business earned $1.06 EPS. The company’s quarterly revenue was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Research analysts expect that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.267 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) dividend on an annualized basis and a yield of 4.4%. Agree Realty’s dividend payout ratio (DPR) is presently 172.04%.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree bought 5,000 shares of the stock in a transaction on Thursday, June 4th. The shares were purchased at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the purchase, the chairman directly owned 90,512 shares of the company’s stock, valued at $6,463,461.92. This trade represents a 5.85% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Agree Realty Company 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.