KBC Group NV Raises Stock Holdings in Agree Realty Co. (NYSE:ADC)

KBC Group NV boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 15.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,460 shares of the real estate investment trust’s stock after acquiring an additional 320 shares during the quarter. KBC Group NV’s holdings in Agree Realty were worth $185,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after acquiring an additional 258,217 shares in the last quarter. Long Pond Capital LP raised its position in Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after buying an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Agree Realty by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after buying an additional 43,768 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADC. Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Mizuho lifted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Truist Financial increased their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group lifted their price target on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Performance

Shares of ADC opened at $77.02 on Thursday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.58. The stock has a market capitalization of $7.97 billion, a P/E ratio of 42.55, a P/E/G ratio of 3.08 and a beta of 0.61. The firm’s 50 day moving average is $75.06 and its 200-day moving average is $68.90. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.00 EPS. Equities research analysts anticipate that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is 167.40%.

Agree Realty Company 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.