Cornercap Investment Counsel Inc. Decreases Stock Holdings in Agree Realty Co. (NYSE:ADC)

Cornercap Investment Counsel Inc. lessened its holdings in Agree Realty Co. (NYSE:ADC) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,806 shares of the real estate investment trust’s stock after selling 151 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Agree Realty were worth $545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of ADC. MCF Advisors LLC bought a new stake in shares of Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV increased its position in Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 512 shares during the period. Parallel Advisors LLC raised its stake in shares of Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 298 shares during the period. Finally, Headlands Technologies LLC lifted its position in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $76.68 on Friday. The firm’s fifty day moving average is $70.30 and its 200 day moving average is $62.63. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $77.14. The firm has a market cap of $7.72 billion, a P/E ratio of 45.11, a P/E/G ratio of 2.54 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results 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 firm had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. Research analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 3.91%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Wall Street Analyst Weigh In

A number of analysts recently commented on ADC shares. UBS Group upped their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Wells Fargo & Company increased their target price on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. BTIG Research raised 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. Royal Bank of Canada boosted their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus increased their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $70.42.

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.