Federated Hermes Inc. Trims Stake in Agree Realty Co. (NYSE:ADC)

Federated Hermes Inc. reduced its stake in Agree Realty Co. (NYSE:ADC) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,285 shares of the real estate investment trust’s stock after selling 184 shares during the quarter. Federated Hermes Inc.’s holdings in Agree Realty were worth $513,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ADC. MCF Advisors LLC bought a new position in shares of Agree Realty in the second quarter worth about $26,000. Massmutual Trust Co. FSB ADV raised its stake in Agree Realty by 248.3% during 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 period. UMB Bank n.a. raised its stake in Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 512 shares during the period. Parallel Advisors LLC boosted its position in shares of Agree Realty by 35.9% in the fourth 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 period. Finally, Headlands Technologies LLC boosted its position in shares of Agree Realty by 232.0% in 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. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.7 %

Shares of ADC opened at $74.97 on Tuesday. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The company’s fifty day moving average is $72.05 and its 200 day moving average is $63.65. The stock has a market capitalization of $7.54 billion, a PE ratio of 44.10, a P/E/G ratio of 2.54 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced 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%. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 earnings per share. Sell-side analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ADC. 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. UBS Group upped their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. KeyCorp began coverage on Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. Stifel Nicolaus upped their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Truist Financial lifted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.96.

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.