Agree Realty Co. (NYSE:ADC) Shares Sold by Royal Bank of Canada

Royal Bank of Canada cut its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 approximately 0.26% of Agree Realty worth $19,163,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADC. Bernard Wealth Management Corp. bought a new stake in Agree Realty in the fourth quarter worth about $31,000. Headlands Technologies LLC raised its holdings 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 during the period. Financial Life Planners bought a new stake in shares of Agree Realty during the 4th quarter worth approximately $44,000. Quarry LP purchased a new position in Agree Realty during the 4th quarter valued at $52,000. Finally, Principal Securities Inc. boosted its holdings in Agree Realty by 26.2% during the 4th 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. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Up 1.0%

ADC traded up $0.77 on Friday, hitting $74.91. The company had a trading volume of 136,081 shares, compared to its average volume of 1,054,247. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 42.12, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day moving average price of $75.52 and a 200-day moving average price of $74.13. Agree Realty Co. has a 12-month low of $59.36 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued 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. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the previous year, the firm earned $0.43 EPS. Analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a dividend yield of 4.10%. 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. Agree Realty's dividend payout ratio is currently 173.45%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADC. Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Barclays set a $77.00 target price on shares of Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Mizuho raised their target price on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Finally, Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned 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 $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.