Agree Realty Corporation (NYSE:ADC) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Agree Realty Corporation (NYSE:ADC) by 67.4%, selling 9,002 shares and holding 4,363 shares worth approximately $337,000 as per its latest SEC filing.
• Agree Realty's recent quarterly earnings showed an EPS of $1.06, slightly beating estimates, with a revenue of $175.53 million, which reflects a year-over-year growth of 15.0%.
• Wall Street analysts have mixed views on Agree Realty, with a consensus rating of "Moderate Buy" and a price target averaging $80.46, indicating varying expectations for future stock performance.

Bank of Nova Scotia trimmed its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 67.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,363 shares of the real estate investment trust's stock after selling 9,002 shares during the quarter. Bank of Nova Scotia's holdings in Agree Realty were worth $337,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Cohen & Steers Inc. lifted its holdings in shares of Agree Realty by 43.0% during the fourth 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. Millennium Management LLC lifted its holdings in shares of Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after purchasing an additional 1,068,271 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Agree Realty by 85.6% during the fourth 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. Northern Trust Corp lifted its holdings in shares of Agree Realty by 89.2% during the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock valued at $107,315,000 after purchasing an additional 718,114 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Agree Realty by 524.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 707,421 shares of the real estate investment trust's stock valued at $49,838,000 after purchasing an additional 594,080 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of Agree Realty stock traded down $0.25 during midday trading on Tuesday, hitting $72.62. The company had a trading volume of 999,488 shares, compared to its average volume of 1,196,618. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 43.23, a PEG ratio of 2.39 and a beta of 0.55. 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 company has a fifty day simple moving average of $73.39 and a 200 day simple moving average of $74.28. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65.

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

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a c) dividend on an annualized basis and a yield of 4.2%. Agree Realty's payout ratio is presently 182.74%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Robert W. Baird boosted their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday. Mizuho reduced their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Finally, BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.61.

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.