Agree Realty Co. (NYSE:ADC) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lowered its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 45.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 reporting period.

Other institutional investors also recently bought and sold shares of the company. Van ECK Associates Corp grew its stake in Agree Realty by 12.2% in the 3rd quarter. Van ECK Associates Corp now owns 42,059 shares of the real estate investment trust's stock valued at $3,225,000 after acquiring an additional 4,589 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the third quarter valued at $75,000. James Investment Research Inc. grew its position in shares of Agree Realty by 5.9% in the third quarter. James Investment Research Inc. now owns 10,821 shares of the real estate investment trust's stock valued at $815,000 after purchasing an additional 600 shares during the period. New York State Common Retirement Fund increased its stake in shares of Agree Realty by 8.5% during the third quarter. New York State Common Retirement Fund now owns 353,194 shares of the real estate investment trust's stock worth $26,606,000 after purchasing an additional 27,682 shares in the last quarter. Finally, US Bancorp DE raised its position in shares of Agree Realty by 1.5% during the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust's stock worth $1,290,000 after purchasing an additional 252 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Down 1.2 %

NYSE:ADC traded down $0.87 on Wednesday, reaching $73.19. The company's stock had a trading volume of 1,980,412 shares, compared to its average volume of 973,513. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 40.92, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. 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 12-month low of $54.28 and a 12-month high of $77.47. The stock has a 50 day moving average price of $74.77 and a 200 day moving average price of $67.63.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm's quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 earnings per share. On average, equities analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced 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. This is a positive change from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.15%. Agree Realty's payout ratio is presently 167.96%.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADC. Wells Fargo & Company cut 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. Royal Bank of Canada lifted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. KeyCorp increased their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. Truist Financial upped 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. Finally, BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $74.19.

Agree Realty 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.