Raymond James & Associates Sells 2,507 Shares of Agree Realty Co. (NYSE:ADC)

Raymond James & Associates lessened its holdings in Agree Realty Co. (NYSE:ADC) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 358,766 shares of the real estate investment trust’s stock after selling 2,507 shares during the quarter. Raymond James & Associates owned approximately 0.36% of Agree Realty worth $27,026,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Dana Investment Advisors Inc. raised its position in shares of Agree Realty by 0.6% in the 2nd 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 raised its position in shares of Agree Realty by 1.0% in 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 acquiring an additional 179 shares during the period. Blue Trust Inc. raised its position in shares of Agree Realty by 8.8% in the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 213 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Agree Realty by 3.2% in 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 acquiring an additional 216 shares during the period. Finally, CWM LLC raised its position in shares of Agree Realty by 8.5% in the 3rd quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 271 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

NYSE ADC opened at $75.00 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.47. The company has a market capitalization of $7.55 billion, a PE ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The firm’s 50 day moving average is $74.46 and its 200-day moving average is $66.48.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the business earned $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share 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. Investors of record on Thursday, October 31st will be paid a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.05%. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

Analysts Set New Price Targets

ADC has been the topic of a number of analyst reports. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company restated an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada raised their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, UBS Group raised their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

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.