Agree Realty Co. (NYSE:ADC) Shares Sold by Community Trust & Investment Co.

Community Trust & Investment Co. cut its holdings in Agree Realty Co. (NYSE:ADC) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,717 shares of the real estate investment trust’s stock after selling 1,344 shares during the quarter. Community Trust & Investment Co.’s holdings in Agree Realty were worth $3,595,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADC. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter worth $26,000. Massmutual Trust Co. FSB ADV increased its position in Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares in the last quarter. UMB Bank n.a. lifted its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares in the last quarter. Headlands Technologies LLC boosted its stake in shares of Agree Realty by 232.0% during 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 last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Agree Realty by 125.9% during the second 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. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ADC shares. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Raymond James raised their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Royal Bank of Canada upped their target price on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Finally, Stifel Nicolaus increased their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $73.04.

Agree Realty Stock Up 0.2 %

Shares of NYSE ADC opened at $75.11 on Wednesday. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.30. The stock has a fifty day moving average price of $74.30 and a 200 day moving average price of $66.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a market cap of $7.56 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 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 company had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same period last year, the firm posted $0.98 earnings per share. The business’s revenue was up 17.5% on a year-over-year basis. Research analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.04%. Agree Realty’s dividend payout ratio is 178.24%.

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.