Bahl & Gaynor Inc. Sells 3,176 Shares of Agree Realty Co. (NYSE:ADC)

Bahl & Gaynor Inc. lessened its holdings in shares of Agree Realty Co. (NYSE:ADC) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 368,908 shares of the real estate investment trust’s stock after selling 3,176 shares during the quarter. Bahl & Gaynor Inc. owned approximately 0.37% of Agree Realty worth $22,850,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC lifted its position in shares of Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Agree Realty by 55.9% in the second 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. Choreo LLC bought a new stake in Agree Realty during the 2nd quarter valued at approximately $576,000. Wedbush Securities Inc. purchased a new position in shares of Agree Realty during the 2nd quarter worth approximately $211,000. Finally, Savant Capital LLC purchased a new position in shares of Agree Realty during the 2nd quarter worth approximately $1,364,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $76.44 on Wednesday. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.14. The company has a market capitalization of $7.69 billion, a P/E ratio of 44.96, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The firm has a 50 day moving average of $69.44 and a 200 day moving average of $62.31. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. As a group, equities research analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADC. Raymond James lifted their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. BTIG Research lifted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, UBS Group raised their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.