Swiss National Bank Sells 1,500 Shares of Agree Realty Co. (NYSE:ADC)

Swiss National Bank lowered its position in Agree Realty Co. (NYSE:ADC) by 0.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,482 shares of the real estate investment trust’s stock after selling 1,500 shares during the quarter. Swiss National Bank owned approximately 0.19% of Agree Realty worth $14,801,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Dana Investment Advisors Inc. grew its stake in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC lifted its holdings in Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares during the period. Blue Trust Inc. lifted its holdings in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.42 on Friday. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.22, a price-to-earnings-growth ratio of 3.14 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business has a fifty day moving average of $75.10 and a 200 day moving average of $69.01. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for 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%. Agree Realty’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 earnings per share. As a group, research analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 3.97%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADC shares. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Friday. Finally, KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

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.