KBC Group NV Decreases Stock Position in Agree Realty Corporation (NYSE:ADC)

KBC Group NV decreased its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 90.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,332 shares of the real estate investment trust's stock after selling 39,229 shares during the quarter. KBC Group NV's holdings in Agree Realty were worth $334,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Michigan Retirement System boosted its holdings in Agree Realty by 2.9% during the 4th quarter. State of Michigan Retirement System now owns 24,500 shares of the real estate investment trust's stock valued at $1,726,000 after acquiring an additional 700 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Agree Realty by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock valued at $115,936,000 after acquiring an additional 57,297 shares during the period. Victory Capital Management Inc. boosted its holdings in Agree Realty by 143.7% during the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the real estate investment trust's stock valued at $3,554,000 after acquiring an additional 29,747 shares during the period. M&T Bank Corp boosted its holdings in Agree Realty by 4.8% during the 4th quarter. M&T Bank Corp now owns 35,063 shares of the real estate investment trust's stock valued at $2,470,000 after acquiring an additional 1,607 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in Agree Realty during the 4th quarter valued at $1,459,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADC. Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Saturday. Barclays set a $77.00 target price on Agree Realty and gave the company an "equal weight" rating in a research report on Wednesday, May 21st. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Truist Financial boosted their price target on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and a consensus target price of $80.96.

Agree Realty Trading Up 2.5%

ADC stock traded up $1.84 during midday trading on Friday, hitting $73.90. 529,957 shares of the company's stock were exchanged, compared to its average volume of 1,094,578. The business has a 50-day simple moving average of $74.75 and a two-hundred day simple moving average of $73.88. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $8.13 billion, a PE ratio of 41.75, a P/E/G ratio of 2.29 and a beta of 0.54. Agree Realty Corporation has a 1-year low of $61.34 and a 1-year 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 the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same quarter last year, the firm earned $0.43 earnings per share. On average, sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

Agree Realty 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.