Royal Bank of Canada Trims Position in Agree Realty Corporation $ADC

Royal Bank of Canada cut its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 265,335 shares of the real estate investment trust’s stock after selling 6,674 shares during the period. Royal Bank of Canada owned 0.24% of Agree Realty worth $20,482,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Agree Realty by 2.5% during the first quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock valued at $1,151,183,000 after buying an additional 363,681 shares during the period. Centersquare Investment Management LLC increased its stake in shares of Agree Realty by 10.7% during the first quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock valued at $187,723,000 after buying an additional 234,641 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Agree Realty by 17.8% during the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock valued at $180,487,000 after buying an additional 353,884 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Agree Realty by 3.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust’s stock valued at $130,860,000 after buying an additional 49,645 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Agree Realty by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock valued at $122,049,000 after buying an additional 31,030 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADC has been the topic of several research reports. Mizuho dropped their price target on Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. UBS Group lifted their price target on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Truist Financial set a $84.00 price target on Agree Realty in a research report on Friday, August 8th. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Finally, Morgan Stanley lowered Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price target on the stock. in a research report on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Agree Realty Trading Down 0.7%

Agree Realty stock opened at $72.57 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. The business’s fifty day simple moving average is $72.73 and its two-hundred day simple moving average is $74.33. Agree Realty Corporation has a 12 month low of $67.58 and a 12 month high of $79.65. The company has a market capitalization of $8.03 billion, a price-to-earnings ratio of 43.19, a price-to-earnings-growth ratio of 2.44 and a beta of 0.56.

Agree Realty (NYSE:ADC) last released its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The business had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same period in the previous year, the company posted $1.04 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. As a group, equities analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.256 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, August 29th. Agree Realty’s dividend payout ratio is presently 182.74%.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree purchased 4,108 shares of the stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $72.15 per share, with a total value of $296,392.20. Following the completion of the acquisition, the chief executive officer directly owned 633,060 shares in the company, valued at $45,675,279. This trade represents a 0.65% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Greg Lehmkuhl purchased 750 shares of the stock in a transaction dated Friday, September 5th. The shares were acquired at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the acquisition, the director owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This represents a 2.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 7,700 shares of company stock worth $555,926. Corporate insiders own 1.80% of the company’s stock.

Agree Realty 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.