Agree Realty Corp director John Rakolta Jr. buys $2m in shares

John Rakolta Jr., a director at Agree Realty Corp (NYSE:ADC), recently purchased 28,080 common shares of the company, according to a filing with the Securities and Exchange Commission. The shares were acquired at a weighted average price of $71.30, with the total transaction valued at approximately $2,002,104. The purchase comes as ADC trades near its 52-week high of $78.39, with the stock currently valued at $72.92. InvestingPro analysis indicates the company maintains a "GREAT" financial health score of 3.08 out of 4. Following this purchase, Rakolta's direct ownership in the company stands at 507,809.562 shares, which includes shares acquired through a dividend reinvestment plan. This transaction highlights Rakolta's continued investment in the real estate investment trust, which has maintained dividend payments for 32 consecutive years and raised them for 12 straight years. For deeper insights into ADC's valuation and growth prospects, including additional ProTips and comprehensive analysis, visit InvestingPro.

In other recent news, Agree Realty Corporation reported its weighted-average number of common shares outstanding for the first quarter, which stood at 107,048,557 shares for basic earnings per share. When accounting for dilutive securities, this number increased to 107,547,193 shares, with Operating Partnership Units contributing to a total of 107,894,812 shares for diluted earnings per share. Barclays (LON:BARC) recently upgraded Agree Realty's stock rating from Underweight to Equal Weight, raising the price target from $64.00 to $65.00. The upgrade was attributed to the company’s appealing valuation and its strong tenant credit quality amidst a softening economic outlook in the U.S.

Stifel maintained its Buy rating on Agree Realty with a price target of $81.00, following discussions with the company's management. These meetings highlighted Agree Realty's solid financial health and growth prospects, with an expected growth rate of over 4% in 2025. The company benefits from a stable income stream, with nearly 70% of its rents coming from investment-grade tenants. Agree Realty has also raised equity to support its growth strategy for the year. These developments underscore the company's proactive measures to mitigate risks and drive growth both internally and through external expansions.

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