Agree Realty Corporation (NYSE:ADC) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lowered its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100,000 shares of the real estate investment trust's stock after selling 15,000 shares during the quarter. Impax Asset Management Group plc owned about 0.09% of Agree Realty worth $7,719,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. GF Fund Management CO. LTD. increased its position in 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 worth $151,000 after purchasing an additional 132 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares in the last quarter. Azzad Asset Management Inc. ADV raised its stake in shares of Agree Realty by 2.8% during 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 acquiring an additional 187 shares in the last quarter. Arizona State Retirement System grew its position in shares of Agree Realty by 0.8% in the 4th quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust's stock worth $2,057,000 after buying an additional 229 shares during the last quarter. Finally, Headlands Technologies LLC raised its stake in shares of Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Trading Down 0.0%

NYSE ADC traded down $0.03 on Monday, reaching $71.94. 1,624,312 shares of the company were exchanged, compared to its average volume of 1,096,697. The business's fifty day moving average price is $74.66 and its 200 day moving average price is $73.93. The stock has a market capitalization of $7.91 billion, a P/E ratio of 40.64, a price-to-earnings-growth ratio of 2.29 and a beta of 0.54. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a fifty-two week low of $61.34 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same quarter in the previous year, the company earned $0.43 EPS. Analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.256 dividend. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, June 30th. Agree Realty's dividend payout ratio (DPR) is 173.45%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADC. Stifel Nicolaus lifted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Wells Fargo & Company increased their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday. Truist Financial lifted their price target on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, Evercore ISI boosted their price objective on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.96.

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.