Community Bank of Raymore Sells 4,490 Shares of Agree Realty Corporation (NYSE:ADC)

Key Points

• Community Bank of Raymore reduced its stake in Agree Realty Corporation by 10.2%, selling 4,490 shares, and now holds 39,515 shares valued at approximately $3,050,000.
• Agree Realty announced a monthly dividend of $0.256 per share, with a dividend yield of 4.2%, reflecting a high payout ratio of 182.74%.
• The company reported earnings of $1.06 per share for the last quarter, slightly exceeding analysts' expectations, with a revenue of $175.53 million, up 15% from last year.

Community Bank of Raymore lessened its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 10.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,515 shares of the real estate investment trust's stock after selling 4,490 shares during the period. Agree Realty makes up 2.5% of Community Bank of Raymore's portfolio, making the stock its 14th biggest position. Community Bank of Raymore's holdings in Agree Realty were worth $3,050,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ADC. Cullen Frost Bankers Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at about $27,000. Bernard Wealth Management Corp. bought a new position in shares of Agree Realty during the 4th quarter valued at about $31,000. Capital Advisors Ltd. LLC lifted its holdings in shares of Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares in the last quarter. NBC Securities Inc. bought a new position in shares of Agree Realty during the 1st quarter valued at about $39,000. Finally, Larson Financial Group LLC lifted its holdings in shares of Agree Realty by 415.1% during the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 440 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.3%

NYSE:ADC opened at $72.62 on Wednesday. The firm has a market capitalization of $8.04 billion, a price-to-earnings ratio of 43.23, a price-to-earnings-growth ratio of 2.37 and a beta of 0.55. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The stock's 50 day moving average price is $73.35 and its two-hundred day moving average price is $74.27. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping 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 firm's revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 EPS. Equities research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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

Analysts Set New Price Targets

Several research firms have commented on ADC. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Barclays boosted their target price on Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Stifel Nicolaus boosted their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research note on Friday, July 11th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.61.

About Agree Realty

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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