Truist Financial Corp Reduces Stake in Agree Realty Corporation $ADC

Key Points

• Truist Financial Corp cut its stake in Agree Realty by 58.6% in the fourth quarter, selling 28,706 shares and leaving it with 20,320 shares worth about $1.46 million.
• Agree Realty reported better-than-expected Q1 results, with EPS of $0.50 versus $0.47 expected and revenue of $211.49 million, up 18.7% year over year.
• The company declared a quarterly dividend of $0.267 per share, and analysts remain generally positive with a consensus rating of Moderate Buy and a target price of $83.93.

Truist Financial Corp trimmed its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 58.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,320 shares of the real estate investment trust's stock after selling 28,706 shares during the quarter. Truist Financial Corp's holdings in Agree Realty were worth $1,464,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its stake in Agree Realty by 100.0% in the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust's stock valued at $31,000 after acquiring an additional 215 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in Agree Realty in the third quarter valued at about $32,000. Cornerstone Planning Group LLC boosted its stake in Agree Realty by 1,513.3% in the third quarter. Cornerstone Planning Group LLC now owns 484 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 454 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in Agree Realty by 178.6% in the fourth quarter. Capital Advisors Ltd. LLC now owns 546 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 350 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust's stock valued at $42,000 after acquiring an additional 356 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

NYSE ADC opened at $74.45 on Friday. The company's 50 day moving average is $77.29 and its 200-day moving average is $75.12. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market cap of $8.94 billion, a P/E ratio of 40.24, a price-to-earnings-growth ratio of 2.57 and a beta of 0.50.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The company had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company's quarterly revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. Sell-side analysts predict that Agree Realty Corporation will post 4.44 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a $0.267 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.07 annualized dividend and a dividend yield of 1.4%. Agree Realty's payout ratio is 172.97%.

Analyst Ratings Changes

A number of research analysts have weighed in on ADC shares. Royal Bank Of Canada boosted their target price on shares of Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Weiss Ratings upgraded shares of Agree Realty from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, April 6th. BMO Capital Markets cut shares of Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 target price on the stock. in a research note on Friday, April 17th. Mizuho lowered their price target on shares of Agree Realty from $86.00 to $80.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Truist Financial boosted their price target on shares of Agree Realty from $79.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $83.93.

About Agree Realty

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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