Bank of New York Mellon Corp Invests $68.83 Million in Agree Realty Corporation $ADC

Bank of New York Mellon Corp acquired a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 908,817 shares of the real estate investment trust's stock, valued at approximately $68,834,000. Bank of New York Mellon Corp owned 0.73% of Agree Realty as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in Agree Realty during the 2nd quarter worth about $7,056,000. Clearstead Trust LLC bought a new stake in shares of Agree Realty in the second quarter valued at about $33,000. Bridgewater Advisors Inc. acquired a new position in shares of Agree Realty during the second quarter worth about $223,000. GAMMA Investing LLC boosted its position in shares of Agree Realty by 10.3% during the second quarter. GAMMA Investing LLC now owns 5,383 shares of the real estate investment trust's stock worth $408,000 after buying an additional 501 shares during the period. Finally, CoreCap Advisors LLC grew its holdings in shares of Agree Realty by 9.2% during the second quarter. CoreCap Advisors LLC now owns 80,269 shares of the real estate investment trust's stock worth $6,080,000 after buying an additional 6,753 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Richard Agree bought 5,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the acquisition, the chairman owned 90,512 shares in the company, valued at approximately $6,463,461.92. This represents a 5.85% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.80% of the company's stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.30 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50-day moving average of $76.78 and a 200-day moving average of $76.82. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.44 and a beta of 0.47. Agree Realty Corporation has a fifty-two week low of $69.56 and a fifty-two week high of $82.08.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a return on equity of 3.90% and a net margin of 28.84%.The company had revenue of $216.33 million for the quarter, compared to the consensus estimate of $204.53 million. During the same quarter in the previous year, the company posted $1.06 EPS. The business's revenue was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. As a group, sell-side analysts predict that Agree Realty Corporation will post 4.45 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $0.267 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) annualized dividend and a dividend yield of 4.3%. Agree Realty's dividend payout ratio (DPR) is currently 172.04%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays lifted their target price on Agree Realty from $84.00 to $85.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Robert W. Baird set a $83.00 price target on Agree Realty in a research report on Friday, July 31st. Weiss Ratings cut shares of Agree Realty from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Mizuho lowered their price objective on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and an average target price of $83.94.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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