Agree Realty Co. (NYSE:ADC) Shares Sold by Capital Square LLC

Capital Square LLC cut its position in shares of Agree Realty Co. (NYSE:ADC) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,964 shares of the real estate investment trust’s stock after selling 2,031 shares during the quarter. Capital Square LLC’s holdings in Agree Realty were worth $1,203,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in ADC. Dana Investment Advisors Inc. raised its holdings in shares of Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the period. Blue Trust Inc. grew its holdings in shares of Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 213 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares during the period. State of Alaska Department of Revenue increased its stake in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares during the period. Finally, US Bancorp DE lifted its position in 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 worth $1,290,000 after purchasing an additional 252 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.67 during trading on Monday, reaching $77.12. The company had a trading volume of 19,166 shares, compared to its average volume of 959,251. The firm’s 50 day simple moving average is $75.10 and its two-hundred day simple moving average is $69.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.58. The company has a market capitalization of $7.98 billion, a PE ratio of 42.24, a PEG ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released 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). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.00 EPS. Sell-side analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is currently 167.96%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADC. Royal Bank of Canada upped their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company decreased their price target 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. Truist Financial raised their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $75.73.

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.