Impax Asset Management Group plc Decreases Holdings in Agree Realty Corporation (NYSE:ADC)

Impax Asset Management Group plc cut its holdings in shares of Agree Realty Corporation (NYSE:ADC) by 13.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,000 shares of the real estate investment trust’s stock after selling 15,000 shares during the quarter. Impax Asset Management Group plc owned approximately 0.09% of Agree Realty worth $7,719,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty during the 4th quarter valued at $31,000. Capital Advisors Ltd. LLC increased its holdings in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 270 shares during the last quarter. NBC Securities Inc. purchased a new stake in Agree Realty in the 1st quarter worth about $39,000. Headlands Technologies LLC increased its holdings in Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 235 shares during the last quarter. Finally, Quarry LP purchased a new stake in Agree Realty in the 4th quarter worth about $52,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ADC. Robert W. Baird lifted their target price on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Barclays set a $77.00 target price on Agree Realty and gave the company an “equal weight” rating in a report on Wednesday, May 21st. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.96.

Agree Realty Stock Up 2.5%

NYSE ADC opened at $73.90 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $74.75 and a two-hundred day moving average of $73.88. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 2.29 and a beta of 0.54. Agree Realty Corporation has a 52 week low of $61.34 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same period last year, the company earned $0.43 earnings per share. On average, analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio (DPR) is currently 173.45%.

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.