Van ECK Associates Corp Lowers Position in Agree Realty Co. (NYSE:ADC)

Van ECK Associates Corp decreased its position in Agree Realty Co. (NYSE:ADC) by 3.0% during the second quarter, HoldingsChannel.com reports. The fund owned 37,470 shares of the real estate investment trust’s stock after selling 1,142 shares during the quarter. Van ECK Associates Corp’s holdings in Agree Realty were worth $2,321,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its position in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the period. UMB Bank n.a. lifted its position in shares of Agree Realty by 247.3% during the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares during the last quarter. Parallel Advisors LLC boosted its position in Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 298 shares during the period. Principal Securities Inc. purchased a new stake in shares of Agree Realty in the fourth quarter valued at approximately $80,000. Finally, GAMMA Investing LLC grew its position in shares of Agree Realty by 125.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after buying an additional 782 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.2 %

Shares of NYSE:ADC opened at $75.03 on Friday. The firm has a market capitalization of $7.55 billion, a PE ratio of 44.14, a price-to-earnings-growth ratio of 2.44 and a beta of 0.58. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $75.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s 50-day moving average is $68.89 and its two-hundred day moving average is $61.97.

Agree Realty (NYSE:ADC) last released its 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 analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.98 earnings per share. Analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a yield of 4.00%. Agree Realty’s payout ratio is 176.47%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company lifted their price objective on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. UBS Group lifted their target price on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, Royal Bank of Canada lifted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock 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.