Park Avenue Securities LLC Sells 950 Shares of Agree Realty Co. (NYSE:ADC)

Park Avenue Securities LLC lowered its stake in shares of Agree Realty Co. (NYSE:ADC) by 16.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,950 shares of the real estate investment trust’s stock after selling 950 shares during the quarter. Park Avenue Securities LLC’s holdings in Agree Realty were worth $373,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ADC. Long Pond Capital LP lifted 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 during the period. PGGM Investments acquired a new stake in shares of Agree Realty in the 2nd quarter valued at approximately $70,225,000. Daiwa Securities Group Inc. raised its position 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 valued at $112,453,000 after acquiring an additional 650,921 shares during the period. Leeward Investments LLC MA acquired a new stake in shares of Agree Realty in the 2nd quarter valued at approximately $30,306,000. Finally, Vanguard Group Inc. raised its position in shares of Agree Realty by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after acquiring an additional 462,828 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of ADC opened at $73.49 on Friday. The stock has a market capitalization of $7.40 billion, a P/E ratio of 43.23, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.30. The company has a 50 day moving average of $73.79 and a 200-day moving average of $65.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. As a group, equities research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.13%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BTIG Research increased their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Truist Financial raised their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus raised their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada raised their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.21.

About Agree Realty

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.