Asset Management One Co. Ltd. Sells 16,193 Shares of Agree Realty Co. (NYSE:ADC)

Asset Management One Co. Ltd. lessened its position in Agree Realty Co. (NYSE:ADC) by 7.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 201,093 shares of the real estate investment trust’s stock after selling 16,193 shares during the period. Asset Management One Co. Ltd. owned about 0.20% of Agree Realty worth $15,148,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in Agree Realty during the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Agree Realty by 248.3% in the second 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 period. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. UMB Bank n.a. lifted its position 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 period. Finally, Arcadia Investment Management Corp MI purchased a new stake in Agree Realty in the third quarter worth approximately $75,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ADC. Truist Financial upped their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Robert W. Baird boosted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. KeyCorp increased their price target 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. Finally, Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.19.

Agree Realty Stock Performance

NYSE:ADC opened at $73.18 on Thursday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.58 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.48 and a beta of 0.61. The stock has a 50-day moving average price of $74.77 and a 200 day moving average price of $67.67.

Agree Realty (NYSE:ADC) 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 during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the firm posted $1.00 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 4.15%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is 167.96%.

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.