Impax Asset Management Group plc Sells 95,000 Shares of Agree Realty Co. (NYSE:ADC)

Impax Asset Management Group plc decreased its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 45.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,000 shares of the real estate investment trust's stock after selling 95,000 shares during the quarter. Impax Asset Management Group plc owned approximately 0.11% of Agree Realty worth $8,663,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MCF Advisors LLC acquired a new position in Agree Realty during the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV increased its stake in Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust's stock valued at $38,000 after purchasing an additional 442 shares during the last quarter. Headlands Technologies LLC increased its stake in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock valued at $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. raised its stake in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the 3rd quarter worth $75,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADC shares. BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the stock a "buy" rating in a research report on Monday, August 12th. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Truist Financial lifted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a "buy" rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $75.73.

Agree Realty Price Performance

Shares of NYSE:ADC traded up $0.38 during midday trading on Friday, reaching $75.97. 626,097 shares of the company's stock were exchanged, compared to its average volume of 970,316. The firm has a market capitalization of $7.86 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. The company's 50 day simple moving average is $75.03 and its two-hundred day simple moving average is $68.48. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 earnings per share. Equities research analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 4.00%. Agree Realty's dividend payout ratio is 167.40%.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.