Agree Realty Corporation $ADC Stake Cut by Royal Bank of Canada

Royal Bank of Canada lowered its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 2.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 265,335 shares of the real estate investment trust's stock after selling 6,674 shares during the period. Royal Bank of Canada owned approximately 0.24% of Agree Realty worth $20,482,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP lifted its stake in shares of Agree Realty by 52.9% in the first quarter. Quarry LP now owns 1,127 shares of the real estate investment trust's stock valued at $87,000 after buying an additional 390 shares in the last quarter. Twin Tree Management LP raised its holdings in Agree Realty by 615,421.4% during the 1st quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust's stock valued at $6,652,000 after buying an additional 86,159 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Agree Realty by 5.5% during the 1st quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust's stock valued at $344,000 after buying an additional 232 shares during the last quarter. Ceredex Value Advisors LLC grew its position in shares of Agree Realty by 14.9% in the 1st quarter. Ceredex Value Advisors LLC now owns 165,382 shares of the real estate investment trust's stock worth $12,766,000 after buying an additional 21,400 shares during the period. Finally, Corebridge Financial Inc. boosted its holdings in shares of Agree Realty by 1.1% during the 1st quarter. Corebridge Financial Inc. now owns 118,186 shares of the real estate investment trust's stock valued at $9,123,000 after acquiring an additional 1,274 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.9%

Shares of ADC traded down $0.63 during trading hours on Friday, reaching $73.11. The stock had a trading volume of 790,499 shares, compared to its average volume of 914,160. The firm has a 50-day moving average of $72.70 and a 200 day moving average of $74.31. The company has a market cap of $8.09 billion, a P/E ratio of 43.52, a P/E/G ratio of 2.46 and a beta of 0.56. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The business's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a yield of 430.0%. Agree Realty's dividend payout ratio (DPR) is 182.74%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADC. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a research report on Friday, July 11th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday, August 8th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Barclays reduced their price objective on Agree Realty from $78.00 to $77.00 and set an "equal weight" rating for the company in a report on Wednesday, August 20th. Finally, Mizuho dropped their target price on Agree Realty from $78.00 to $77.00 and set a "neutral" rating for the company in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.42.

Insider Buying and Selling at Agree Realty

In related news, CEO Joey Agree acquired 2,100 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $72.08 per share, for a total transaction of $151,368.00. Following the transaction, the chief executive officer owned 635,160 shares in the company, valued at $45,782,332.80. This represents a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction that occurred on Friday, September 5th. The shares were bought at an average price of $72.84 per share, for a total transaction of $54,630.00. Following the transaction, the director directly owned 27,684 shares of the company's stock, valued at $2,016,502.56. This trade represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 7,700 shares of company stock worth $555,926. Corporate insiders own 1.80% of the company's stock.

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.