Principal Financial Group Inc. Trims Position in Agree Realty Co. (NYSE:ADC)

Principal Financial Group Inc. lowered its position in Agree Realty Co. (NYSE:ADC) by 8.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,186,849 shares of the real estate investment trust’s stock after selling 408,853 shares during the quarter. Principal Financial Group Inc. owned about 4.04% of Agree Realty worth $315,390,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MCF Advisors LLC purchased a new stake in shares of Agree Realty in the 2nd quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV grew 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 acquiring an additional 442 shares during the period. Headlands Technologies LLC increased its stake in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. raised its position in Agree Realty by 44.5% in the third 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. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty in the 3rd quarter valued at $75,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 0.7 %

Shares of ADC stock opened at $73.68 on Friday. The company has a market capitalization of $7.63 billion, a P/E ratio of 40.71, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $74.78 and its two-hundred day moving average is $67.71. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the business earned $1.00 earnings per share. Equities analysts forecast 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. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.12%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is 167.96%.

Analyst Ratings Changes

ADC has been the topic of several research analyst reports. Wells Fargo & Company reduced their price objective 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 increased their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has a consensus 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.