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

Bank of New York Mellon Corp cut its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,087,610 shares of the real estate investment trust's stock after selling 131,902 shares during the period. 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.

A number of other institutional investors also recently modified their holdings of the company. GF Fund Management CO. LTD. lifted its holdings in shares of Agree Realty by 7.2% in the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after purchasing an additional 132 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after purchasing an additional 139 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in shares of Agree Realty by 2.8% in the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after purchasing an additional 187 shares in the last quarter. Headlands Technologies LLC increased its position in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 235 shares during the last quarter. Finally, Transcend Capital Advisors LLC increased its position in shares of Agree Realty by 1.0% in the first quarter. Transcend Capital Advisors LLC now owns 24,934 shares of the real estate investment trust's stock valued at $1,925,000 after acquiring an additional 237 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 0.0%

Shares of NYSE:ADC opened at $71.00 on Friday. Agree Realty Corporation has a 12-month low of $62.70 and a 12-month high of $79.65. The stock has a market cap of $7.81 billion, a PE ratio of 40.11, a P/E/G ratio of 2.25 and a beta of 0.54. The business has a 50 day moving average of $74.30 and a 200-day moving average of $73.89. 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 data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The company had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. As a group, equities research analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a jul 25 dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 22nd will be paid a $0.256 dividend. Agree Realty's dividend payout ratio (DPR) is currently 173.45%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Robert W. Baird lifted their target price on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Evercore ISI boosted their price target on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.96.

Agree Realty Company 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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