Principal Financial Group Inc. Reduces Position in Agree Realty Co. (NYSE:ADC)

Principal Financial Group Inc. lowered its position in Agree Realty Co. (NYSE:ADC) by 34.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,728,319 shares of the real estate investment trust’s stock after selling 1,458,530 shares during the period. Principal Financial Group Inc.’s holdings in Agree Realty were worth $192,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. CWM LLC raised its position in Agree Realty by 8.5% in the 3rd quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock valued at $260,000 after purchasing an additional 271 shares during the last quarter. Creative Planning raised its holdings in shares of Agree Realty by 7.8% in the third quarter. Creative Planning now owns 61,267 shares of the real estate investment trust’s stock valued at $4,615,000 after buying an additional 4,448 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Agree Realty by 5.9% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 26,149 shares of the real estate investment trust’s stock worth $1,970,000 after buying an additional 1,464 shares during the period. Blue Trust Inc. boosted its stake in shares of Agree Realty by 18.6% during the third quarter. Blue Trust Inc. now owns 3,123 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 489 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Agree Realty by 15.5% during the third quarter. Sequoia Financial Advisors LLC now owns 4,421 shares of the real estate investment trust’s stock worth $333,000 after buying an additional 592 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

ADC opened at $70.98 on Tuesday. The stock’s 50 day simple moving average is $71.64 and its 200 day simple moving average is $73.52. The stock has a market cap of $7.35 billion, a P/E ratio of 39.21, a P/E/G ratio of 2.87 and a beta of 0.65. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. 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 released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. As a group, equities analysts anticipate that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s payout ratio is currently 167.96%.

Analysts Set New Price Targets

ADC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Mizuho reduced their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Barclays dropped their price target on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Finally, Royal Bank of Canada reduced their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $79.62.

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.