Amalgamated Bank Sells 2,924 Shares of Agree Realty Co. (NYSE:ADC)

Amalgamated Bank decreased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,806 shares of the real estate investment trust’s stock after selling 2,924 shares during the period. Amalgamated Bank’s holdings in Agree Realty were worth $3,601,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new position in Agree Realty during the second quarter worth about $26,000. Massmutual Trust Co. FSB ADV lifted its stake in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. Headlands Technologies LLC lifted its stake in 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 worth $71,000 after purchasing an additional 798 shares during the period. UMB Bank n.a. lifted its stake 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 worth $73,000 after purchasing an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty in the third quarter valued at approximately $75,000. Institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ADC shares. Royal Bank of Canada lifted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Robert W. Baird lifted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company cut their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Raymond James lifted 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 note on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.19.

Agree Realty Price Performance

ADC opened at $75.81 on Friday. The company has a fifty day moving average price of $74.84 and a two-hundred day moving average price of $67.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The firm has a market capitalization of $7.85 billion, a PE ratio of 41.88, a P/E/G ratio of 2.45 and a beta of 0.61.

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 analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the firm posted $1.00 EPS. Agree Realty’s revenue was up 12.8% on a year-over-year basis. As a group, analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently declared 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 is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.00%. Agree Realty’s payout ratio is 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.