Impax Asset Management Group plc Sells 95,000 Shares of Agree Realty Co. (NYSE:ADC)

Impax Asset Management Group plc cut its holdings in shares of Agree Realty Co. (NYSE:ADC) by 45.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 115,000 shares of the real estate investment trust’s stock after selling 95,000 shares during the period. Impax Asset Management Group plc’s holdings in Agree Realty were worth $8,663,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Van ECK Associates Corp increased its position in shares of Agree Realty by 12.2% in the third quarter. Van ECK Associates Corp now owns 42,059 shares of the real estate investment trust’s stock valued at $3,225,000 after acquiring an additional 4,589 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty during the 3rd quarter worth approximately $75,000. James Investment Research Inc. raised its stake in shares of Agree Realty by 5.9% during the 3rd quarter. James Investment Research Inc. now owns 10,821 shares of the real estate investment trust’s stock worth $815,000 after purchasing an additional 600 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Agree Realty by 8.5% in the 3rd quarter. New York State Common Retirement Fund now owns 353,194 shares of the real estate investment trust’s stock valued at $26,606,000 after buying an additional 27,682 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after buying an additional 252 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

ADC opened at $74.06 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.67 billion, a PE ratio of 40.92, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The business has a fifty day simple moving average of $74.77 and a 200 day simple moving average of $67.63. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.47.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the firm posted $1.00 EPS. The company’s revenue was up 12.8% compared to the same quarter last year. Research analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADC. Raymond James upped their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company dropped their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday. Stifel Nicolaus lifted their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada upped their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, UBS Group raised their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Four 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.19.

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.