HTLF Bank Has $1.84 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

HTLF Bank trimmed its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,364 shares of the real estate investment trust’s stock after selling 469 shares during the period. HTLF Bank’s holdings in Agree Realty were worth $1,835,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. MCF Advisors LLC bought a new stake in shares of Agree Realty in the 2nd quarter valued at about $26,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the period. UMB Bank n.a. raised its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the period. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Agree Realty by 125.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 782 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of NYSE ADC traded up $1.00 during trading hours on Tuesday, hitting $75.33. 757,463 shares of the stock were exchanged, compared to its average volume of 948,823. 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 company has a market cap of $7.58 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company’s fifty day simple moving average is $73.86 and its two-hundred day simple moving average is $65.54. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.30.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) 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 analyst estimates of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.98 EPS. On average, sell-side analysts predict that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.03%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. UBS Group upped their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Truist Financial increased their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.21.

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.