GW&K Investment Management LLC Sells 14,206 Shares of Agree Realty Corporation (NYSE:ADC)

GW&K Investment Management LLC cut its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,041,865 shares of the real estate investment trust's stock after selling 14,206 shares during the quarter. Agree Realty comprises about 0.7% of GW&K Investment Management LLC's holdings, making the stock its 24th largest position. GW&K Investment Management LLC owned 0.95% of Agree Realty worth $80,422,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cullen Frost Bankers Inc. bought a new position in Agree Realty during the 1st quarter valued at approximately $27,000. Bernard Wealth Management Corp. purchased a new position in shares of Agree Realty in the fourth quarter worth $31,000. Capital Advisors Ltd. LLC increased 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 acquiring an additional 270 shares during the last quarter. Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 235 shares during the last quarter. Finally, NBC Securities Inc. acquired a new position in shares of Agree Realty in the 1st quarter valued at $39,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial increased their target price on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. UBS Group set a $80.00 price objective on shares of Agree Realty and gave the stock a "buy" rating in a research report on Wednesday, July 16th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Barclays set a $77.00 price target on shares of Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $71.60 on Monday. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 40.45, a P/E/G ratio of 2.32 and a beta of 0.54. The firm's 50 day simple moving average is $73.81 and its 200 day simple moving average is $74.00. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. Agree Realty Corporation has a fifty-two week low of $65.98 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results 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 business had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same period in the prior year, the business earned $0.43 EPS. As a group, sell-side analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.256 per share. The ex-dividend date is Thursday, July 31st. This represents a $3.07 annualized dividend and a dividend yield of 4.29%. Agree Realty's dividend payout ratio is currently 173.45%.

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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