Agree Realty Corporation (NYSE:ADC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 2.43% of Agree Realty worth $206,046,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Sequoia Financial Advisors LLC raised its stake in shares of 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 worth $365,000 after buying an additional 139 shares during the period. Carmel Capital Partners LLC raised its stake in Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after purchasing an additional 167 shares during the last quarter. Azzad Asset Management Inc. ADV grew its holdings 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 worth $531,000 after buying an additional 187 shares in the last quarter. Arizona State Retirement System raised its position in shares of Agree Realty by 0.8% in the fourth quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust's stock valued at $2,057,000 after buying an additional 229 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after buying an additional 235 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.0%

Agree Realty stock traded down $0.03 during midday trading on Monday, reaching $71.94. 1,624,312 shares of the stock traded hands, compared to its average volume of 1,096,697. The company has a 50-day simple moving average of $74.75 and a two-hundred day simple moving average of $73.91. Agree Realty Corporation has a 12-month low of $61.34 and a 12-month high of $79.65. The firm has a market cap of $7.91 billion, a PE 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 (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analyst estimates 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 company earned $0.43 EPS. Research analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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

Analyst Ratings Changes

Several brokerages recently issued reports on ADC. Evercore ISI upped their price objective 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. Mizuho dropped their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Robert W. Baird lifted their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Stifel Nicolaus boosted their price objective on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Finally, UBS Group dropped their target price on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Six investment 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 company's stock. Based on data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $80.96.

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.