John Rakolta Jr., a director at Agree Realty Corp (NYSE:ADC), recently expanded his stake in the company by acquiring additional shares. According to a recent SEC filing, Rakolta purchased a total of 30,275 common shares over two transactions. The shares were bought at prices ranging from $70.07 to $70.33 per share, totaling approximately $2,126,640. The $7.33 billion market cap REIT currently offers a 4.28% dividend yield and has maintained dividend payments for 31 consecutive years, according to InvestingPro data.
The first transaction, executed on December 20, involved the purchase of 20,275 shares at an average price of $70.33 per share. The second transaction took place on December 23, with Rakolta acquiring an additional 10,000 shares at an average price of $70.07 per share. Following these acquisitions, Rakolta's total holdings in Agree Realty amount to 472,195.938 shares. The company has demonstrated strong performance with 17.78% revenue growth in the last twelve months.
These transactions reflect Rakolta's continued confidence in Agree Realty, a real estate investment trust headquartered in Royal Oak, Michigan. With an overall financial health score rated as GOOD by InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ US equities, the company maintains a solid market position despite trading above its Fair Value.
In other recent news, Agree Realty Corporation has seen a flurry of positive analyst attention. Evercore ISI has set an Outperform rating for the company's stock, with a price target of $82. This rating is backed by the company's consistent performance, substantial growth opportunities, and a sound capital allocation strategy. Agree Realty's strong liquidity and access to capital were also highlighted.
The company has also been successful in strengthening its financial position. It recently raised over $1 billion of equity and successfully closed a stock offering, issuing over five million shares at $74 per share. Additionally, Agree Realty announced a $1.25 billion at-the-market equity program, providing flexible financing options for its operations and growth strategies.
Baird and RBC Capital Markets have also expressed confidence in Agree Realty's growth trajectory. Baird raised its price target for the company from $67 to $76, while RBC Capital Markets increased its price target for Agree Realty to $80. Both firms maintained an Outperform rating, anticipating a significant uptick in acquisition activity.
These recent developments reflect Agree Realty's strategic efforts to secure funding, expand its portfolio, and fortify its financial position. These actions will likely influence the company's performance in the competitive net lease REIT sector.
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