DekaBank Deutsche Girozentrale Reduces Stake in Agree Realty Co. (NYSE:ADC)

DekaBank Deutsche Girozentrale lessened its stake in Agree Realty Co. (NYSE:ADC) by 24.5% during the third quarter, HoldingsChannel reports. The firm owned 63,542 shares of the real estate investment trust’s stock after selling 20,644 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Agree Realty were worth $4,704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. MCF Advisors LLC purchased a new stake in Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV increased its holdings in 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 worth $38,000 after acquiring an additional 442 shares during the last quarter. Headlands Technologies LLC raised its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. UMB Bank n.a. lifted its holdings in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 782 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $74.25 on Friday. The firm has a 50 day simple moving average of $74.66 and a two-hundred day simple moving average of $67.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $7.69 billion, a PE ratio of 41.02, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the firm earned $1.00 EPS. On average, analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.09%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s payout ratio is presently 167.40%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADC. UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada lifted their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Robert W. Baird increased their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $74.27.

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.