Agree Realty Co. (NYSE:ADC) Stock Holdings Decreased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in shares of Agree Realty Co. (NYSE:ADC) by 24.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,540 shares of the real estate investment trust’s stock after selling 19,173 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Agree Realty worth $3,688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC raised its holdings in shares of Agree Realty by 202.5% during the fourth quarter. CWM LLC now owns 2,202 shares of the real estate investment trust’s stock worth $139,000 after purchasing an additional 1,474 shares during the period. GAMMA Investing LLC acquired a new stake in Agree Realty during the fourth quarter worth about $44,000. Retirement Systems of Alabama lifted its holdings in Agree Realty by 4.7% in the fourth quarter. Retirement Systems of Alabama now owns 125,896 shares of the real estate investment trust’s stock worth $7,925,000 after acquiring an additional 5,694 shares during the last quarter. Van ECK Associates Corp boosted its stake in Agree Realty by 18.7% in the fourth quarter. Van ECK Associates Corp now owns 31,487 shares of the real estate investment trust’s stock valued at $1,982,000 after acquiring an additional 4,960 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Agree Realty by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 36,039 shares of the real estate investment trust’s stock valued at $2,269,000 after purchasing an additional 779 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Up 0.2 %

Shares of ADC stock opened at $73.01 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. The stock has a 50-day simple moving average of $67.88 and a 200 day simple moving average of $61.50. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $73.53. The stock has a market capitalization of $7.35 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.80 and a beta of 0.58.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same period in the prior year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. On average, sell-side analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.25 dividend. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.11%. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Upgrades and Downgrades

ADC has been the topic of several recent research reports. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BTIG Research increased their price objective 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. Raymond James lifted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company upped their target price on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.42.

Agree Realty Company 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.