Agree Realty Co. (NYSE:ADC) has made headlines in the financial world with the recent purchase of 375 shares of its own stock by CAO Stephen Breslin. The transaction took place on May 25th, with an average cost of $64.32 per share and a total value of $24,120.00. Following this acquisition, Mr. Breslin’s stake in ADC directly increased to 6,079 shares, representing a value of approximately $391,001.28.
This news follows extensive research into the company by multiple analysts, who have released varying reports that give insight into ADC’s performance on the market and future prospects. One change to note is Mizuho’s decision to lower their target price from $78.00 to $73.00 and downgrade the stock to “neutral.” Meanwhile, Stifel Nicolaus raised their target price from $76.75 to $77.50, highlighting differing opinions among analysts.
Indeed, Agree Realty has experienced both highs and lows in recent months; while it reached a 12-month high of $80.44 this year, it also hit a low point at $63.34 over the same period. Nonetheless, ADC investors can take comfort in the fact that the company has a market capitalization of $5.98 billion as well as impressive P/E and P/E/G ratios – albeit lesser yield in comparison with other companies – that remains strong despite fluctuations on Wall Street.
In fact, Agree Realty just announced a dividend payout ratio of 163%, coupled with a monthly dividend amounting to approximately 4% yielding annualized value valued at almost three dollars per share for shareholders as recorded on May 31st making it particularly attractive for long-term investors.
For those interested in staying up-to-date with ADC developments or accessing SEC filings related to Stephen Breslin’s recent purchase, check out this link.
In conclusion, Agree Realty’s recent purchase has added an interesting development to the firm’s overall performance in 2023. With analysts split in their recommendations on this stock and strong P/E ratios and increasing dividends coupled with consistent growth, only time will tell whether Agree Realty Co. is a wise investment nonetheless, on some basis long-term investors always benefit from the stability of secure dividend payouts.
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Institutional Investors Show Confidence in Agree Realty Despite Quarterly Earnings Dip
Agree Realty (NYSE:ADC) recently reported its quarterly earnings results on May 5, 2023. The real estate investment trust’s earnings fell short of the consensus estimate, with $126.62 million in revenue and $0.44 earnings per share for the quarter, missing the expectation of $124.55 million and $0.96 EPS respectively by a significant margin.
However, institutional investors remain optimistic as they have been actively increasing their stake in the company. TCI Wealth Advisors Inc., for instance, raised its stake in Agree Realty by 56.2% during Q4 last year and now owns 392 shares valued at $28,000 after acquiring an additional 141 shares during the last quarter.
Similarly, Versant Capital Management Inc also increased its position in Agree Realty by 99.5% during Q3 when it acquired an additional 212 shares worth $29,000. Meanwhile, Northwestern Mutual Wealth Management Co almost increased their position by over seven thousand percent during Q4 when they bought an extra 429 shares valued at $31,000.
Furthermore, Neo Ivy Capital Management made an initial purchase of a new stake worth about $35,000 during Q3 last year while Parallel Advisors LLC completed the list of institutions who have recently mutated their holdings in Agree Realty by purchasing an additional 289 shares worth $35,000 during Q1 this year.
These positive moves made by institutional investors may signify that they are confident about Agree Realty turning around following the dip in revenue and missed EPS seen recently from its quarterly results.
Lastly, research analysts have forecasted that Agree Realty Co.’s current fiscal year may post a more impressive earning number than what was reported previously due to reforms and strategic measures being put in place that could ensure a better performance than in recent quarters.
