Principal Financial Group Inc. Reduces Position in Agree Realty Corporation (NYSE:ADC)

Principal Financial Group Inc. trimmed its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,669,333 shares of the real estate investment trust's stock after selling 58,986 shares during the quarter. Principal Financial Group Inc. owned 2.43% of Agree Realty worth $206,046,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty during the 4th quarter valued at about $31,000. Capital Advisors Ltd. LLC raised its position in shares of 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 buying an additional 270 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Agree Realty during the 1st quarter valued at about $39,000. Headlands Technologies LLC raised its position 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 valued at $39,000 after buying an additional 235 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Agree Realty during the 4th quarter valued at about $52,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Evercore ISI raised their target price on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Robert W. Baird lifted their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, UBS Group decreased their target price on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $80.96.

Agree Realty Trading Up 2.5%

NYSE:ADC traded up $1.84 on Friday, hitting $73.90. The stock had a trading volume of 529,957 shares, compared to its average volume of 1,094,578. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 2.29 and a beta of 0.54. The company has a fifty day moving average price of $74.75 and a two-hundred day moving average price of $73.88. 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 for the quarter, beating the consensus estimate 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 analyst estimates of $167.77 million. During the same period in the previous year, the business posted $0.43 EPS. Equities research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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