DekaBank Deutsche Girozentrale Sells 20,644 Shares of Agree Realty Co. (NYSE:ADC)

DekaBank Deutsche Girozentrale lessened its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 24.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,542 shares of the real estate investment trust's stock after selling 20,644 shares during the period. DekaBank Deutsche Girozentrale owned about 0.06% of Agree Realty worth $4,704,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in Agree Realty by 30.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 831,353 shares of the real estate investment trust's stock valued at $47,487,000 after acquiring an additional 193,128 shares in the last quarter. State of Michigan Retirement System lifted its position in Agree Realty by 2.1% during the first quarter. State of Michigan Retirement System now owns 24,600 shares of the real estate investment trust's stock worth $1,405,000 after purchasing an additional 500 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Agree Realty by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust's stock worth $50,638,000 after buying an additional 12,159 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Agree Realty by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust's stock valued at $3,317,000 after buying an additional 297 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Agree Realty by 22.6% in the 1st quarter. Van ECK Associates Corp now owns 38,612 shares of the real estate investment trust's stock valued at $2,206,000 after buying an additional 7,125 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.4 %

Shares of ADC traded down $0.32 during mid-day trading on Friday, reaching $73.93. The company had a trading volume of 952,401 shares, compared to its average volume of 968,479. The firm has a 50-day moving average price of $74.69 and a 200 day moving average price of $67.08. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 41.02, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. Agree Realty Co. has a 52 week low of $54.28 and a 52 week 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 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business 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 company's quarterly revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty's previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a yield of 4.11%. Agree Realty's payout ratio is 165.75%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ADC shares. BTIG Research upped their target price on Agree Realty from $65.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Royal Bank of Canada raised their price objective on Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Stifel Nicolaus boosted their target price on Agree Realty from $67.50 to $71.50 and gave the stock a "buy" rating in a research note on Wednesday, July 24th. Wells Fargo & Company restated an "overweight" rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Finally, UBS Group upped their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $74.27.

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.