Commonwealth Equity Services LLC Buys 216 Shares of Agree Realty Co. (NYSE:ADC)

Commonwealth Equity Services LLC raised its position in Agree Realty Co. (NYSE:ADC) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,895 shares of the real estate investment trust’s stock after acquiring an additional 216 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Agree Realty were worth $427,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADC. Norges Bank purchased a new stake in Agree Realty in the fourth quarter worth about $71,409,000. Scout Investments Inc. raised its holdings in Agree Realty by 34.1% in the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after purchasing an additional 214,840 shares during the period. Swiss National Bank grew its stake in shares of Agree Realty by 4.6% during the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock valued at $11,332,000 after acquiring an additional 8,700 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Agree Realty by 1.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock valued at $50,638,000 after buying an additional 12,159 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $1,600,000. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 0.4 %

Agree Realty stock opened at $74.45 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.49 billion, a PE ratio of 43.79, a P/E/G ratio of 2.54 and a beta of 0.61. The stock’s 50 day simple moving average is $71.85 and its two-hundred day simple moving average is $63.48. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 3.72% and a net margin of 32.08%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 EPS. Analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.03%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Royal Bank of Canada raised their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. UBS Group upped their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Stifel Nicolaus raised their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating, eight have given 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 price target of $70.42.

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.