KBC Group NV Sells 39,229 Shares of Agree Realty Corporation (NYSE:ADC)

KBC Group NV lowered its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 90.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,332 shares of the real estate investment trust's stock after selling 39,229 shares during the period. KBC Group NV's holdings in Agree Realty were worth $334,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Cohen & Steers Inc. lifted its holdings in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Agree Realty during the fourth quarter valued at about $101,382,000. Millennium Management LLC lifted its holdings in shares of Agree Realty by 1,036.9% in the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after buying an additional 1,068,271 shares in the last quarter. Invesco Ltd. boosted its position in shares of Agree Realty by 85.6% in 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 acquiring an additional 1,020,512 shares during the period. Finally, Northern Trust Corp grew its stake in 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 acquiring an additional 718,114 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

Shares of ADC stock traded down $0.03 during trading hours on Monday, hitting $71.94. 1,624,312 shares of the company's stock were exchanged, compared to its average volume of 1,096,697. The company has a market capitalization of $7.91 billion, a PE ratio of 40.64, a PEG 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 12-month low of $61.34 and a 12-month high of $79.65. The business's 50 day simple moving average is $74.66 and its 200-day simple moving average is $73.93.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The company had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same quarter last year, the company earned $0.43 EPS. On average, equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently announced 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 is Monday, June 30th. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

Analysts Set New Price Targets

Several brokerages have commented on ADC. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Evercore ISI boosted their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Six investment 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.