State Street Corp Has $375.29 Million Stake in Agree Realty Co. (NYSE:ADC)

State Street Corp reduced its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,965,507 shares of the real estate investment trust's stock after selling 68,513 shares during the period. State Street Corp owned about 4.80% of Agree Realty worth $375,288,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ADC. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after purchasing an additional 534,545 shares in the last quarter. FMR LLC grew its holdings in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust's stock worth $119,651,000 after acquiring an additional 57,354 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Agree Realty by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust's stock worth $94,273,000 after acquiring an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Agree Realty by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust's stock valued at $79,540,000 after purchasing an additional 43,768 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on ADC. BTIG Research upped their target price on Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. KeyCorp raised their price objective 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. Mizuho boosted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company decreased their price objective on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $76.04.

Agree Realty Stock Performance

Shares of ADC stock traded down $0.46 during trading hours on Tuesday, reaching $74.00. 505,004 shares of the company's stock were exchanged, compared to its average volume of 947,004. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.66 billion, a P/E ratio of 41.04, a P/E/G ratio of 3.68 and a beta of 0.62. The business has a fifty day moving average price of $75.30 and a 200-day moving average price of $70.50.

Agree Realty (NYSE:ADC - Get Free Report) last released 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). 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%. Agree Realty's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.00 earnings per share. Analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Friday, November 29th. Agree Realty's dividend payout ratio (DPR) is presently 167.96%.

About Agree Realty

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.