Trust Point Inc. Decreases Stake in Agree Realty Co. (NYSE:ADC)

Trust Point Inc. reduced its position in Agree Realty Co. (NYSE:ADC) by 3.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 10,884 shares of the real estate investment trust’s stock after selling 379 shares during the period. Trust Point Inc.’s holdings in Agree Realty were worth $820,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ADC. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Agree Realty by 5.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 26,149 shares of the real estate investment trust’s stock valued at $1,970,000 after buying an additional 1,464 shares in the last quarter. Heritage Family Offices LLP bought a new stake in Agree Realty during the 3rd quarter valued at $232,000. Presima Securities ULC lifted its position in shares of Agree Realty by 1.1% during the third quarter. Presima Securities ULC now owns 35,468 shares of the real estate investment trust’s stock worth $2,672,000 after acquiring an additional 400 shares in the last quarter. Kapitalo Investimentos Ltda bought a new position in shares of Agree Realty in the third quarter worth $359,000. Finally, Creative Planning raised its stake in shares of Agree Realty by 7.8% during the 3rd quarter. Creative Planning now owns 61,267 shares of the real estate investment trust’s stock valued at $4,615,000 after purchasing an additional 4,448 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

NYSE:ADC opened at $75.51 on Friday. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The business has a 50 day moving average of $74.17 and a 200 day moving average of $65.95. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 44.42, a PEG ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (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 analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, sell-side analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business 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. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 178.24%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Stifel Nicolaus raised their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. KeyCorp raised their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. UBS Group upped their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday. Royal Bank of Canada raised their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.04.

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.