Agree Realty Co. (NYSE:ADC) Stake Lessened by Amalgamated Bank

Amalgamated Bank lowered its holdings in Agree Realty Co. (NYSE:ADC) by 5.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,806 shares of the real estate investment trust’s stock after selling 2,924 shares during the period. Amalgamated Bank’s holdings in Agree Realty were worth $3,601,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Van ECK Associates Corp lifted its holdings in shares of Agree Realty by 12.2% in the third quarter. Van ECK Associates Corp now owns 42,059 shares of the real estate investment trust’s stock valued at $3,225,000 after purchasing an additional 4,589 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the third quarter valued at $75,000. James Investment Research Inc. lifted its holdings in shares of Agree Realty by 5.9% in the third quarter. James Investment Research Inc. now owns 10,821 shares of the real estate investment trust’s stock valued at $815,000 after purchasing an additional 600 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Agree Realty by 8.5% in the third quarter. New York State Common Retirement Fund now owns 353,194 shares of the real estate investment trust’s stock valued at $26,606,000 after purchasing an additional 27,682 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after purchasing an additional 252 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada increased their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Robert W. Baird increased their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Wells Fargo & Company lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $74.19.

Agree Realty Trading Up 2.9 %

Shares of NYSE:ADC opened at $75.81 on Friday. The company has a market cap of $7.85 billion, a P/E ratio of 41.88, a P/E/G ratio of 2.45 and a beta of 0.61. The stock’s 50-day moving average is $74.84 and its 200-day moving average is $67.92. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $77.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results 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 business had revenue of $154.33 million during the quarter, compared to analyst estimates 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 for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. Equities research analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current 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 given a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. 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.