Agree Realty Co. (NYSE:ADC) Shares Sold by Citizens National Bank Trust Department

Citizens National Bank Trust Department cut its stake in Agree Realty Co. (NYSE:ADC) by 8.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,543 shares of the real estate investment trust’s stock after selling 1,598 shares during the quarter. Citizens National Bank Trust Department’s holdings in Agree Realty were worth $1,246,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ADC. Long Pond Capital LP increased its stake in shares of Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in shares of Agree Realty by 9,118.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. PGGM Investments acquired a new stake in shares of Agree Realty in the 2nd quarter worth $70,225,000. Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after acquiring an additional 650,921 shares during the last quarter. Finally, Leeward Investments LLC MA acquired a new stake in shares of Agree Realty in the 2nd quarter worth $30,306,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of ADC opened at $73.93 on Monday. The stock has a 50-day simple moving average of $74.72 and a 200-day simple moving average of $67.38. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.65 billion, a PE ratio of 40.85, a PEG ratio of 2.49 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 announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 EPS. On average, 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 disclosed 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 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group raised their price objective on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price objective 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 raised their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus raised their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $74.27.

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.