Agree Realty Co. (NYSE:ADC) Shares Sold by Community Bank of Raymore

Community Bank of Raymore lessened its position in shares of Agree Realty Co. (NYSE:ADC) by 8.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,400 shares of the real estate investment trust’s stock after selling 4,000 shares during the quarter. Agree Realty makes up about 2.4% of Community Bank of Raymore’s holdings, making the stock its 13th largest position. Community Bank of Raymore’s holdings in Agree Realty were worth $3,119,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swiss National Bank lifted its stake in shares of Agree Realty by 4.6% during the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock valued at $11,332,000 after buying an additional 8,700 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Agree Realty by 1.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock valued at $50,638,000 after buying an additional 12,159 shares during the period. FORA Capital LLC acquired a new position in shares of Agree Realty during the 1st quarter valued at about $1,600,000. Quantbot Technologies LP purchased a new position in shares of Agree Realty during the 1st quarter worth about $2,280,000. Finally, Virtu Financial LLC purchased a new position in shares of Agree Realty during the 1st quarter worth about $599,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial boosted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. BTIG Research boosted their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, UBS Group boosted their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $73.04.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.69 on Thursday. Agree Realty Co. has a 12 month low of $52.69 and a 12 month 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 firm has a market capitalization of $7.72 billion, a P/E ratio of 45.11, a P/E/G ratio of 2.47 and a beta of 0.61. The company’s fifty day moving average price is $74.02 and its two-hundred day moving average price is $65.75.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.96%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 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.