Agree Realty Corporation $ADC Shares Sold by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Agree Realty Corporation by 9.5%, holding a $29.34 million position after selling nearly 40,000 shares in the first quarter.
• Agree Realty announced a monthly dividend of $0.256 per share, with an annualized dividend yield of 4.2%, set to be paid on September 15th.
• Analysts have a consensus rating of "Moderate Buy" for Agree Realty, with a current average price target of $80.50.

T. Rowe Price Investment Management Inc. decreased its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 9.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 380,107 shares of the real estate investment trust's stock after selling 39,794 shares during the period. T. Rowe Price Investment Management Inc. owned 0.35% of Agree Realty worth $29,341,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC lifted its holdings in Agree Realty by 3.0% during 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 during the period. Janney Montgomery Scott LLC lifted its holdings in Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after buying an additional 4,551 shares during the period. AE Wealth Management LLC purchased a new stake in Agree Realty during the first quarter worth $358,000. Oppenheimer Asset Management Inc. lifted its holdings in Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after buying an additional 1,941 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Agree Realty by 77.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust's stock worth $8,699,000 after buying an additional 49,282 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ADC shares. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday, July 13th. UBS Group upped their price target on Agree Realty from $80.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price target on the stock. in a research report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.50.

Insider Activity

In other news, CEO Joey Agree bought 4,108 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $72.15 per share, with a total value of $296,392.20. Following the transaction, the chief executive officer directly owned 633,060 shares in the company, valued at approximately $45,675,279. The trade was a 0.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders acquired 6,950 shares of company stock valued at $501,296. 1.80% of the stock is owned by corporate insiders.

Agree Realty Stock Performance

Shares of NYSE ADC traded down $0.32 during mid-day trading on Tuesday, hitting $72.17. The stock had a trading volume of 1,447,155 shares, compared to its average volume of 958,233. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71. The company has a 50 day moving average of $73.04 and a two-hundred day moving average of $74.26. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The firm has a market cap of $7.99 billion, a PE ratio of 42.96, a PEG ratio of 2.42 and a beta of 0.55.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty's dividend payout ratio is presently 182.74%.

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.