Principal Financial Group Inc. Trims Position in Agree Realty Co. (NYSE:ADC)

Principal Financial Group Inc. reduced its position in Agree Realty Co. (NYSE:ADC - Free Report) by 8.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,186,849 shares of the real estate investment trust's stock after selling 408,853 shares during the quarter. Principal Financial Group Inc. owned approximately 4.04% of Agree Realty worth $315,390,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Dana Investment Advisors Inc. raised 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 valued at $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC lifted its stake in Agree Realty by 1.0% in the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock worth $1,193,000 after acquiring an additional 179 shares during the last quarter. Blue Trust Inc. lifted its stake in Agree Realty by 8.8% in the second 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 last quarter. Commonwealth Equity Services LLC grew its holdings in Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock worth $427,000 after acquiring an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Agree Realty by 0.4% in the 3rd 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 during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADC. Robert W. Baird upped their price target on Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. KeyCorp boosted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. BTIG Research increased their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company dropped their price objective on Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a report on Monday. Four 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. According to MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and an average target price of $74.19.

Agree Realty Stock Performance

Shares of ADC stock traded up $2.39 during trading hours on Friday, reaching $76.07. 314,038 shares of the company's stock were exchanged, compared to its average volume of 971,908. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.47. The company has a market cap of $7.87 billion, a P/E ratio of 41.58, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The company's 50 day moving average is $74.78 and its two-hundred day moving average is $67.71.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results 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 return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Agree Realty's revenue for the quarter was up 12.8% on a year-over-year basis. Equities research analysts anticipate that Agree Realty Co. will post 4.11 EPS 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. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty's dividend payout ratio (DPR) is presently 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.