Agree Realty Co. (NYSE:ADC) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 56.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,821 shares of the real estate investment trust's stock after selling 58,910 shares during the period. BNP Paribas Financial Markets' holdings in Agree Realty were worth $3,158,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cohen & Steers Inc. raised its position in Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock valued at $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Agree Realty in the 4th quarter valued at approximately $101,382,000. Invesco Ltd. raised its holdings in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after purchasing an additional 1,020,512 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Agree Realty by 89.2% during the 4th quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock worth $107,315,000 after purchasing an additional 718,114 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of NYSE:ADC traded down $0.33 during trading on Wednesday, reaching $75.49. The company had a trading volume of 69,611 shares, compared to its average volume of 1,042,520. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock's fifty day moving average price is $75.70 and its 200 day moving average price is $74.10. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 42.46, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the company posted $0.43 EPS. As a group, equities research analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.07%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's payout ratio is 173.45%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADC. UBS Group dropped their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Evercore ISI lifted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, Wells Fargo & Company upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $81.19.

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.