Bank of New York Mellon Corp Trims Holdings in Agree Realty Corporation $ADC

Bank of New York Mellon Corp lowered its stake in shares of Agree Realty Corporation (NYSE:ADC) by 5.4% in the second quarter, HoldingsChannel.com reports. The firm owned 1,028,466 shares of the real estate investment trust’s stock after selling 59,144 shares during the period. Bank of New York Mellon Corp’s holdings in Agree Realty were worth $75,140,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. acquired a new position in Agree Realty during the first quarter worth $27,000. Farther Finance Advisors LLC raised its holdings in shares of Agree Realty by 408.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 306 shares during the period. SVB Wealth LLC purchased a new position in Agree Realty during the 1st quarter valued at about $33,000. Larson Financial Group LLC grew its position in Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 440 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in Agree Realty in the 2nd quarter valued at about $69,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insiders Place Their Bets

In related news, Director Greg Lehmkuhl purchased 750 shares of the company’s stock in a transaction on Friday, September 5th. The shares were bought at an average cost of $72.84 per share, for a total transaction of $54,630.00. Following the completion of the purchase, the director directly owned 27,684 shares of the company’s stock, valued at approximately $2,016,502.56. This trade represents a 2.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joey Agree acquired 4,108 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $72.15 per share, for a total transaction of $296,392.20. Following the acquisition, the chief executive officer owned 633,060 shares of the company’s stock, valued at $45,675,279. This represents a 0.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 36,742 shares of company stock valued at $2,601,704. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ADC shares. Royal Bank Of Canada increased their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Barclays decreased their price target on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 20th. Evercore ISI boosted their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Truist Financial reduced their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.73.

Agree Realty Price Performance

Shares of ADC opened at $73.39 on Friday. The firm has a market capitalization of $8.43 billion, a price-to-earnings ratio of 42.92, a PEG ratio of 2.28 and a beta of 0.55. The firm’s fifty day simple moving average is $72.50 and its 200-day simple moving average is $73.44. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.Agree Realty’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a dividend of $0.262 per share. The ex-dividend date is Friday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is presently 183.63%.

Agree Realty 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.