Cornercap Investment Counsel Inc. Reduces Stock Holdings in Agree Realty Co. (NYSE:ADC)

Cornercap Investment Counsel Inc. decreased its position in Agree Realty Co. (NYSE:ADC) by 46.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,739 shares of the real estate investment trust’s stock after selling 4,067 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Agree Realty were worth $357,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after purchasing an additional 258,217 shares during the last quarter. Long Pond Capital LP lifted its stake in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake 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 valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after purchasing an additional 76,818 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ADC. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Thursday. Royal Bank of Canada increased their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Robert W. Baird increased their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James upped their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Stock Performance

Agree Realty stock opened at $75.97 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average of $75.03 and a 200-day moving average of $68.55. The firm has a market cap of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.08 and a beta of 0.61. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.47.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the company posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. Sell-side analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 4.00%. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Agree Realty Company 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.