Agree Realty Co. (NYSE:ADC) Position Cut by Stifel Financial Corp

Stifel Financial Corp lowered its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,374 shares of the real estate investment trust’s stock after selling 607 shares during the period. Stifel Financial Corp’s holdings in Agree Realty were worth $2,589,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Dana Investment Advisors Inc. increased its stake in shares of 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 valued at $1,813,000 after acquiring an additional 170 shares during the period. Capital Square LLC boosted its stake in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after buying an additional 252 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Down 3.7 %

NYSE:ADC opened at $70.62 on Thursday. The stock has a market cap of $7.31 billion, a PE ratio of 39.02, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock’s 50-day moving average is $75.24 and its two-hundred day moving average is $71.11.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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 net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the firm posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities research analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.30%. Agree Realty’s payout ratio is 167.40%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADC shares. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective on the stock. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. Finally, Raymond James upped their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.03.

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.