Free Trial

Agree Realty Corporation (NYSE:ADC) Shares Sold by Phocas Financial Corp.

Agree Realty logo with Finance background

Key Points

  • Phocas Financial Corp. reduced its stake in Agree Realty Corporation by 5.4%, owning 99,294 shares worth approximately $7.67 million as of the latest report.
  • Agree Realty's earnings per share (EPS) for the last quarter was $1.06, beating analysts' estimates of $1.05, with quarterly revenue increasing 15% year-over-year.
  • The company recently announced a monthly dividend of $0.256 per share, translating to an annualized yield of 4.2%, with a dividend payout ratio of 182.74%.
  • Five stocks to consider instead of Agree Realty.

Phocas Financial Corp. decreased its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 5.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,294 shares of the real estate investment trust's stock after selling 5,661 shares during the quarter. Agree Realty accounts for about 1.2% of Phocas Financial Corp.'s investment portfolio, making the stock its 25th largest position. Phocas Financial Corp. owned approximately 0.09% of Agree Realty worth $7,665,000 at the end of the most recent quarter.

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

Agree Realty Trading Up 2.7%

NYSE ADC traded up $1.97 during trading hours on Friday, hitting $73.67. 1,459,467 shares of the company's stock were exchanged, compared to its average volume of 1,198,157. Agree Realty Corporation has a 12-month low of $67.58 and a 12-month high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The business's 50 day moving average is $73.55 and its 200-day moving average is $74.21. The firm has a market capitalization of $8.11 billion, a P/E ratio of 43.85, a price-to-earnings-growth ratio of 2.32 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the business earned $1.04 earnings per share. The company's revenue was up 15.0% compared to the same quarter last year. As a group, analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Evercore ISI boosted their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, July 13th. Stifel Nicolaus boosted their price target on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Finally, Truist Financial upped their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and a consensus price target of $80.32.

Check Out Our Latest Analysis on Agree Realty

Agree Realty Company Profile

(Free Report)

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.

Featured Stories

Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

Should You Invest $1,000 in Agree Realty Right Now?

Before you consider Agree Realty, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Agree Realty wasn't on the list.

While Agree Realty currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Reduce the Risk Cover

Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Palantir & AMD Earnings: Massive Options Setups Ahead
3 Value Plays Set to Explode
5 Stocks to BUY NOW in August 2025

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines