Bank of New York Mellon Corp Sells 131,902 Shares of Agree Realty Corporation (NYSE:ADC)

Bank of New York Mellon Corp trimmed its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 10.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,087,610 shares of the real estate investment trust's stock after selling 131,902 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.99% of Agree Realty worth $83,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new position in shares of Agree Realty during the fourth quarter worth about $31,000. Capital Advisors Ltd. LLC grew its stake in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 270 shares during the period. Headlands Technologies LLC grew its stake in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the period. NBC Securities Inc. acquired a new stake in Agree Realty during the first quarter worth approximately $39,000. Finally, Quarry LP acquired a new stake in Agree Realty during the fourth quarter worth approximately $52,000. 97.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADC has been the subject of several recent analyst reports. Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Mizuho reduced their price objective 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. Evercore ISI raised their price objective on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Robert W. Baird raised their price objective on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Finally, BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.54.

Agree Realty Stock Performance

Agree Realty stock traded up $0.84 during mid-day trading on Monday, reaching $72.46. 924,573 shares of the company's stock were exchanged, compared to its average volume of 1,210,727. The business's fifty day simple moving average is $74.20 and its 200 day simple moving average is $73.94. The firm has a market capitalization of $7.97 billion, a PE ratio of 40.94, a P/E/G ratio of 2.32 and a beta of 0.54. Agree Realty Corporation has a one year low of $64.10 and a one year high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same period last year, the company posted $0.43 earnings per share. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a $0.256 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $3.07 annualized dividend and a dividend yield of 4.24%. Agree Realty's payout ratio is presently 173.45%.

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.