Raymond James & Associates Sells 2,507 Shares of Agree Realty Co. (NYSE:ADC)

Raymond James & Associates trimmed its stake in shares of Agree Realty Co. (NYSE:ADC) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 358,766 shares of the real estate investment trust’s stock after selling 2,507 shares during the quarter. Raymond James & Associates’ holdings in Agree Realty were worth $27,026,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dana Investment Advisors Inc. boosted its position in Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares during the period. Capital Square LLC boosted its position in Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after purchasing an additional 179 shares during the period. Blue Trust Inc. boosted its position in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its position in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the period. Finally, CWM LLC boosted its position in shares of Agree Realty by 8.5% in the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 271 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Down 2.2 %

ADC stock opened at $75.00 on Friday. The company has a market cap of $7.55 billion, a PE ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The business has a 50-day simple moving average of $74.46 and a 200 day simple moving average of $66.48. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $77.47. 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 (NYSE:ADC) 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). The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 EPS. Sell-side analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.05%. Agree Realty’s payout ratio is presently 178.24%.

Wall Street Analyst Weigh In

ADC has been the subject of a number of recent research reports. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Stifel Nicolaus boosted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada boosted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Finally, BTIG Research boosted 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. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $73.88.

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.