Asset Management One Co. Ltd. Has $15.15 Million Stake in Agree Realty Co. (NYSE:ADC)

Asset Management One Co. Ltd. reduced its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,093 shares of the real estate investment trust's stock after selling 16,193 shares during the period. Asset Management One Co. Ltd. owned about 0.20% of Agree Realty worth $15,148,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Dana Investment Advisors Inc. grew its position in Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock worth $1,813,000 after purchasing an additional 170 shares during the last quarter. Capital Square LLC raised its stake in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock valued at $1,193,000 after acquiring an additional 179 shares in the last quarter. Blue Trust Inc. boosted its position in Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock worth $150,000 after acquiring an additional 213 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock valued at $427,000 after purchasing an additional 216 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock valued at $4,438,000 after purchasing an additional 224 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.7 %

Shares of NYSE:ADC traded up $0.49 during trading on Thursday, reaching $73.68. 1,284,758 shares of the company traded hands, compared to its average volume of 974,954. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.47. The firm has a fifty day simple moving average of $74.77 and a 200 day simple moving average of $67.67. The firm has a market cap of $7.63 billion, a P/E ratio of 40.43, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results 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). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. During the same period last year, the business earned $1.00 earnings per share. The firm's revenue for the quarter was up 12.8% on a year-over-year basis. Analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is currently 167.96%.

Wall Street Analyst Weigh In

Several research firms have commented on ADC. Robert W. Baird raised their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the company a "neutral" rating in a research report on Wednesday, October 16th. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Finally, Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of "Moderate Buy" and an average price target of $74.19.

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.