Community Trust & Investment Co. Reduces Holdings in Agree Realty Co. (NYSE:ADC)

Community Trust & Investment Co. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,212 shares of the real estate investment trust’s stock after selling 1,780 shares during the period. Community Trust & Investment Co.’s holdings in Agree Realty were worth $3,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. QRG Capital Management Inc. purchased a new stake in Agree Realty in the first quarter worth about $238,000. Janney Montgomery Scott LLC lifted its holdings in Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock valued at $925,000 after purchasing an additional 4,551 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Agree Realty by 4.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock worth $896,000 after purchasing an additional 504 shares in the last quarter. Azzad Asset Management Inc. ADV raised its position in shares of Agree Realty by 2.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust’s stock valued at $531,000 after purchasing an additional 187 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Agree Realty by 18.2% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 296,993 shares of the real estate investment trust’s stock valued at $22,925,000 after buying an additional 45,706 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADC has been the topic of a number of recent analyst reports. Mizuho raised their price target on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Barclays set a $77.00 target price on shares of Agree Realty and gave the stock an “equal weight” rating in a report on Wednesday, May 21st. Wall Street Zen raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Stifel Nicolaus boosted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Finally, BTIG Research lowered Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $81.19.

Agree Realty Trading Down 0.5%

Shares of ADC stock opened at $74.44 on Monday. The company has a market cap of $8.19 billion, a PE ratio of 41.82, a price-to-earnings-growth ratio of 2.88 and a beta of 0.56. Agree Realty Co. has a 1 year low of $60.42 and a 1 year high of $79.65. The stock’s 50 day simple moving average is $75.40 and its two-hundred day simple moving average is $73.93. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

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, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the previous year, the company posted $0.43 EPS. Research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.256 dividend. 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 presently 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.