Central Pacific Bank Trust Division Reduces Holdings in Agree Realty Co. (NYSE:ADC)

Central Pacific Bank Trust Division lowered its position in Agree Realty Co. (NYSE:ADC) by 25.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,310 shares of the real estate investment trust’s stock after selling 770 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Agree Realty were worth $163,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its position in Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the period. Natixis Advisors LLC grew its stake in shares of Agree Realty by 109.8% during the second quarter. Natixis Advisors LLC now owns 87,703 shares of the real estate investment trust’s stock valued at $5,432,000 after buying an additional 45,896 shares during the last quarter. MCF Advisors LLC purchased a new stake in shares of Agree Realty in the second quarter worth approximately $26,000. Arizona State Retirement System lifted its stake in shares of Agree Realty by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock worth $1,745,000 after acquiring an additional 545 shares during the last quarter. Finally, Savant Capital LLC purchased a new position in Agree Realty during the 2nd quarter valued at $1,364,000. Institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Evercore ISI assumed coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, December 17th. Mizuho raised their target price 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 boosted their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, BTIG Research raised their price objective on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $70.33 on Friday. The company has a market capitalization of $7.28 billion, a PE ratio of 38.86, a P/E/G ratio of 3.66 and a beta of 0.64. The company has a 50-day simple moving average of $74.02 and a two-hundred day simple moving average of $71.81. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last announced its 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 firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the business earned $1.00 earnings per share. Research analysts expect that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

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.