Agree Realty Co. (NYSE:ADC) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lowered its stake in shares of Agree Realty Co. (NYSE:ADC) by 45.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 115,000 shares of the real estate investment trust’s stock after selling 95,000 shares during the period. Impax Asset Management Group plc owned 0.11% of Agree Realty worth $8,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after buying an additional 258,217 shares in the last quarter. Long Pond Capital LP increased its position 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 valued at $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. increased its position 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 valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Agree Realty by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after purchasing an additional 76,818 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Agree Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.5 %

ADC stock opened at $75.96 on Friday. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.47. The stock has a market capitalization of $7.86 billion, a PE ratio of 41.96, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. 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 company has a fifty day moving average of $75.03 and a 200-day moving average of $68.48.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the business posted $1.00 EPS. The firm’s revenue was up 12.8% on a year-over-year basis. As a group, analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADC. BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Mizuho increased their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company dropped their target price 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. Finally, UBS Group increased their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

About Agree Realty

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.