Van ECK Associates Corp Sells 1,142 Shares of Agree Realty Co. (NYSE:ADC)

Van ECK Associates Corp lessened its stake in Agree Realty Co. (NYSE:ADC) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,470 shares of the real estate investment trust’s stock after selling 1,142 shares during the quarter. Van ECK Associates Corp’s holdings in Agree Realty were worth $2,321,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of ADC. Massmutual Trust Co. FSB ADV increased its stake in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 512 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares during the last quarter. Principal Securities Inc. bought a new stake in Agree Realty in the fourth quarter valued at approximately $80,000. Finally, GAMMA Investing LLC raised its stake in Agree Realty by 125.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 782 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.03 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $75.55. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of 44.14, a PEG ratio of 2.44 and a beta of 0.58. The stock has a fifty day moving average of $68.89 and a 200 day moving average of $61.97.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 earnings per share. As a group, research analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.25 dividend. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a yield of 4.00%. Agree Realty’s payout ratio is 176.47%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ADC shares. BTIG Research raised their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Truist Financial upped their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Royal Bank of Canada raised their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. UBS Group boosted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.42.

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.