Agree Realty Co. (NYSE:ADC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 19.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,595,702 shares of the real estate investment trust’s stock after selling 1,081,069 shares during the period. Principal Financial Group Inc. owned 4.57% of Agree Realty worth $284,658,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ADC. Norges Bank purchased a new stake in Agree Realty during the fourth quarter valued at about $71,409,000. Scout Investments Inc. increased its position in Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after purchasing an additional 214,840 shares in the last quarter. Swiss National Bank raised its holdings in Agree Realty by 4.6% in the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock valued at $11,332,000 after buying an additional 8,700 shares during the period. Quadrant Capital Group LLC lifted its position in Agree Realty by 35.7% during the fourth quarter. Quadrant Capital Group LLC now owns 4,079 shares of the real estate investment trust’s stock valued at $257,000 after buying an additional 1,074 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Agree Realty by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after buying an additional 12,159 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.2 %

Shares of ADC stock traded up $0.15 during mid-day trading on Friday, reaching $73.01. 1,440,944 shares of the company were exchanged, compared to its average volume of 956,947. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50 day simple moving average is $67.88 and its 200 day simple moving average is $61.50. The company has a market capitalization of $7.35 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.80 and a beta of 0.58. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $73.53.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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 company had revenue of $152.58 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 earnings per share. Research analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Ratings Changes

A number of brokerages have recently commented on ADC. KeyCorp assumed coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price on the stock. Royal Bank of Canada boosted their price objective on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Truist Financial raised their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $70.42.

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.