Lazard Asset Management LLC Sells 22,266 Shares of Agree Realty Co. (NYSE:ADC)

Lazard Asset Management LLC lessened its stake in Agree Realty Co. (NYSE:ADC) by 10.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,894 shares of the real estate investment trust’s stock after selling 22,266 shares during the period. Lazard Asset Management LLC’s holdings in Agree Realty were worth $10,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ADC. Raymond James Financial Services Advisors Inc. raised its position in shares of Agree Realty by 210.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock valued at $3,646,000 after acquiring an additional 39,243 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Agree Realty by 148.2% during the 4th quarter. Pacer Advisors Inc. now owns 20,096 shares of the real estate investment trust’s stock valued at $1,265,000 after acquiring an additional 12,000 shares during the last quarter. Blue Trust Inc. raised its position in shares of Agree Realty by 42.0% during the 4th quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 371 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Agree Realty by 4.3% during the 4th quarter. State of Alaska Department of Revenue now owns 57,804 shares of the real estate investment trust’s stock valued at $3,637,000 after acquiring an additional 2,382 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its position in shares of Agree Realty by 14.4% during the 4th quarter. New Mexico Educational Retirement Board now owns 20,700 shares of the real estate investment trust’s stock valued at $1,303,000 after acquiring an additional 2,600 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 1.2 %

NYSE ADC traded up $0.83 on Friday, reaching $68.73. The company had a trading volume of 828,177 shares, compared to its average volume of 840,935. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 40.43, a price-to-earnings-growth ratio of 2.72 and a beta of 0.58. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.71 and a current ratio of 0.79. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $69.26. The company’s fifty day moving average is $62.29 and its 200-day moving average is $59.48.

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

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.36%. Agree Realty’s dividend payout ratio is 176.47%.

Analyst Ratings Changes

Several analysts have commented on ADC shares. Mizuho upped their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. KeyCorp began coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. UBS Group boosted their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Finally, Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.95.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of Agree Realty stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

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.