Amalgamated Bank Lowers Stake in Agree Realty Co. (NYSE:ADC)

Amalgamated Bank lessened its holdings in Agree Realty Co. (NYSE:ADC) by 7.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,730 shares of the real estate investment trust’s stock after selling 4,063 shares during the quarter. Amalgamated Bank’s holdings in Agree Realty were worth $3,142,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Agree Realty in the 4th quarter worth approximately $71,409,000. Scout Investments Inc. grew its stake in shares of Agree Realty by 34.1% in the fourth quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after acquiring an additional 214,840 shares during the last quarter. Swiss National Bank increased its holdings in shares of Agree Realty by 4.6% during the first 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Agree Realty by 1.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after purchasing an additional 12,159 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in shares of Agree Realty in the 1st quarter worth about $1,600,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

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 stock has a 50-day simple moving average of $72.05 and a two-hundred day simple moving average of $63.65. The firm has a market capitalization of $7.54 billion, a PE ratio of 44.10, a P/E/G ratio of 2.54 and a beta of 0.61. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $77.30.

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 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 firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same period in the prior year, the company posted $0.98 earnings per share. The company’s revenue was up 17.5% compared to the same quarter last year. Analysts forecast that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

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

Analyst Ratings Changes

A number of research firms have weighed in on ADC. Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Truist Financial boosted their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, August 26th. UBS Group lifted their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada upped their target price on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently 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.