Agree Realty Co. (NYSE:ADC) Shares Bought by US Bancorp DE

US Bancorp DE grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,130 shares of the real estate investment trust’s stock after buying an additional 252 shares during the period. US Bancorp DE’s holdings in Agree Realty were worth $1,290,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Dana Investment Advisors Inc. grew its stake in shares of Agree Realty by 0.6% during 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 buying an additional 170 shares during the period. Capital Square LLC grew its stake in shares of 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 buying an additional 179 shares during the period. Blue Trust Inc. grew its stake in shares of Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC grew its stake 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 buying an additional 216 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADC shares. Stifel Nicolaus upped their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company decreased their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.19.

Agree Realty Trading Up 0.7 %

Agree Realty stock opened at $73.68 on Friday. The firm has a 50 day simple moving average of $74.78 and a 200-day simple moving average of $67.71. 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 has a market capitalization of $7.63 billion, a PE ratio of 40.71, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47.

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 the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the business earned $1.00 earnings per share. As a group, equities research analysts expect that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued 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 4.12%. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

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.