Agree Realty Corporation (NYSE:ADC) Shares Sold by Invesco Ltd.

Invesco Ltd. cut its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 25.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,659,858 shares of the real estate investment trust's stock after selling 552,994 shares during the quarter. Invesco Ltd. owned approximately 1.51% of Agree Realty worth $128,124,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Agree Realty by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after purchasing an additional 353,884 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Agree Realty during the 1st quarter valued at approximately $913,000. Swiss National Bank raised its stake in Agree Realty by 1.3% during the 1st quarter. Swiss National Bank now owns 200,482 shares of the real estate investment trust's stock valued at $15,475,000 after acquiring an additional 2,500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Agree Realty by 8.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 73,805 shares of the real estate investment trust's stock valued at $5,697,000 after acquiring an additional 5,782 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Agree Realty by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust's stock valued at $130,860,000 after acquiring an additional 49,645 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree acquired 742 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $72.15 per share, for a total transaction of $53,535.30. Following the completion of the acquisition, the chief executive officer directly owned 2,934 shares of the company's stock, valued at $211,688.10. This trade represents a 33.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.80% of the stock is currently owned by insiders.

Agree Realty Stock Down 0.1%

ADC opened at $72.21 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. The firm has a market cap of $7.99 billion, a P/E ratio of 42.98, a PEG ratio of 2.35 and a beta of 0.55. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65. The business's fifty day simple moving average is $73.27 and its 200 day simple moving average is $74.24.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The business's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 earnings per share. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. UBS Group upped their price objective on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Tuesday. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a research note on Friday, July 11th. Truist Financial set a $84.00 price objective on Agree Realty in a research note on Friday, August 8th. Mizuho cut their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Robert W. Baird increased their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.61.

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.

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