Royal Bank of Canada Has $19.16 Million Position in Agree Realty Co. (NYSE:ADC)

Royal Bank of Canada decreased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 272,009 shares of the real estate investment trust's stock after selling 14,237 shares during the period. Royal Bank of Canada owned about 0.26% of Agree Realty worth $19,163,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the fourth quarter valued at approximately $31,000. Headlands Technologies LLC grew its holdings in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 235 shares during the last quarter. Financial Life Planners bought a new stake in shares of Agree Realty in the fourth quarter valued at approximately $44,000. Quarry LP bought a new stake in shares of Agree Realty in the fourth quarter valued at approximately $52,000. Finally, Principal Securities Inc. boosted its position in shares of Agree Realty by 26.2% in the fourth quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 237 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Price Performance

Shares of Agree Realty stock traded down $1.32 during mid-day trading on Thursday, reaching $73.99. 1,011,765 shares of the stock were exchanged, compared to its average volume of 1,054,203. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 41.61, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a 50-day simple moving average of $75.54 and a 200 day simple moving average of $74.14. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results 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 analysts' expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter last year, the company posted $0.43 EPS. On average, sell-side analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Friday, May 30th. This is a positive change from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.15%. Agree Realty's dividend payout ratio (DPR) is 173.45%.

Analyst Ratings Changes

Several research firms have recently weighed in on ADC. UBS Group reduced their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Robert W. Baird raised their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Friday, May 16th. Finally, Royal Bank of Canada reduced their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $81.19.

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.