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

Federated Hermes Inc. decreased its stake in shares of Agree Realty Co. (NYSE:ADC) by 2.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ADC. Long Pond Capital LP raised its stake in shares of Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. Norges Bank bought a new stake in Agree Realty during the 4th quarter valued at $71,409,000. PGGM Investments bought a new stake in Agree Realty during the 2nd quarter valued at $70,225,000. Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the period. Finally, Leeward Investments LLC MA bought a new position in shares of Agree Realty during the 2nd quarter worth $30,306,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.97 on Tuesday. 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 firm has a market cap of $7.54 billion, a PE ratio of 44.10, a PEG ratio of 2.54 and a beta of 0.61. Agree Realty Co. has a one year low of $52.69 and a one year high of $77.30. The firm has a fifty day moving average of $72.05 and a 200 day moving average of $63.65.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share 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 company had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same quarter last year, the company earned $0.98 EPS. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio is presently 176.47%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Wells Fargo & Company increased their target price on Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group raised their price objective on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, Truist Financial boosted their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.96.

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.