Principal Financial Group Inc. Sells 58,986 Shares of Agree Realty Corporation (NYSE:ADC)

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

Several other institutional investors also recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its stake in Agree Realty by 3.0% in the first 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 in the last quarter. Carmel Capital Partners LLC boosted its stake in Agree Realty by 2.5% in the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after buying an additional 167 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its stake in Agree Realty by 2.8% in 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 boosted its stake in 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 worth $2,057,000 after buying an additional 229 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in 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 currently owned by institutional investors.

Agree Realty Trading Up 0.4%

ADC stock traded up $0.31 on Monday, reaching $72.28. The company's stock had a trading volume of 35,365 shares, compared to its average volume of 1,090,465. The business has a fifty 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 $7.95 billion, a PE ratio of 40.84, a PEG ratio of 2.29 and a beta of 0.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $0.43 earnings per share. As a group, research analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.256 dividend. 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 173.45%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research reports. BTIG Research lowered Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Truist Financial increased their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Mizuho dropped their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Stifel Nicolaus increased their price objective on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Barclays set a $77.00 price objective on Agree Realty and gave the company an "equal weight" rating in a research note on Wednesday, May 21st. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.