Lmr Partners 13F: Cuts Agree Realty (ADC) Stake by $9.7M

Lmr Partners has significantly reduced its stake in Agree Realty Corporation (NYSE: ADC). According to its latest Form 13F filing with the SEC, the firm cut its holdings by 48.5%, leaving it with 134,970 shares valued at approximately $10.1 million. This reduction involved selling 127,025 shares during the reporting period.

What Changed in Lmr Partners' Agree Realty Corporation Position

Lmr Partners trimmed its position in Agree Realty Corporation from 261,995 shares to 134,970 shares, a decrease of 48.5%. The value of these holdings now stands at about $10.1 million, reflecting the firm's strategic decision to pare down its investment.

Other Institutional Activity in Agree Realty Corporation

Several other major funds also adjusted their positions in Agree Realty Corporation. BlackRock, Inc. increased its holdings by 1,102,612 shares, bringing its total to 17,890,008 shares worth around $1.35 billion, representing a 6.6% increase. Cohen & Steers, Inc. also added significantly, boosting its stake by 3,769,392 shares to 17,864,344 shares valued at approximately $1.35 billion, a 26.7% increase. Vanguard Portfolio Management LLC opened a new position with 10,260,006 shares valued at about $773.4 million. Meanwhile, State Street Corp added 82,112 shares for a total of 5,966,403 shares valued at $451.3 million, a 1.4% increase.

Agree Realty Corporation Stock Up 12.3%

Shares of Agree Realty Corporation traded near $74.94 on Thursday. The company has a market capitalization of roughly $8.81 billion and a P/E ratio of 39.7. Its forward P/E is slightly lower at 37.6, and it carries a beta of 0.479, indicating low volatility compared to the broader market. The stock's 52-week range spans from $69.56 to $82.08, with a 50-day moving average of $75.77 and a 200-day moving average of $74.53.

Recent Earnings

Agree Realty Corporation reported revenues of approximately $750 million, with a revenue growth rate of 18.7%. The company achieved a net margin of 29.3% and a return on equity of 3.7%. Earnings per share stood at $1.85. The next earnings report is scheduled for July 30, 2026.

Dividend

Agree Realty Corporation pays an annual dividend rate of $3.20, yielding 4.37%. The dividend payout ratio is 1.68, reflecting the company's commitment to returning value to shareholders.

Insider Buying and Selling at Agree Realty Corporation

Recent insider activity at Agree Realty Corporation includes several purchases. On June 4, 2026, Richard Agree, Executive Chairman of the Board, bought 5,000 shares at an average price of $71.41. On May 15, 2026, John Rakolta Jr. purchased 20,000 shares at $74.57. Other insiders, including Jerome Rossi, Merrie Frankel, Michael Judlowe, and Linglong He, also made smaller purchases in mid-May.

Analysts Set New Price Targets

On June 1, 2026, Jefferies assumed coverage of Agree Realty Corporation with a buy rating and set a price target of $84. Barclays maintained a hold rating with a target of $84 on May 19, 2026. Mizuho also maintained a hold rating with a target of $80 on May 13, 2026. The consensus among analysts is a buy rating, with a mean target price of $84.56 based on 18 analyst opinions.

About Agree Realty Corporation

Agree Realty Corporation is a real estate investment trust (REIT) based in Royal Oak, Michigan. The company focuses on acquiring and developing properties leased to top-tier retail tenants across the United States. As of the end of 2025, Agree Realty owned and managed 2,674 properties spanning approximately 55.5 million square feet. Led by CEO Joel N. Agree, the firm has around 90 employees and trades on the New York Stock Exchange under the ticker ADC.

Bottom Line

Lmr Partners' decision to reduce its stake in Agree Realty Corporation by nearly half highlights its changing investment strategy. Investors often track such filings to gauge institutional sentiment, though it's important to remember that 13F filings are backward-looking. Agree Realty remains a significant player in the retail REIT sector, with analysts generally maintaining a positive outlook on its stock.