Impax Asset Management Group plc Has $8.66 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Impax Asset Management Group plc lowered its stake in shares of Agree Realty Co. (NYSE:ADC) by 45.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 115,000 shares of the real estate investment trust’s stock after selling 95,000 shares during the quarter. Impax Asset Management Group plc owned approximately 0.11% of Agree Realty worth $8,663,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADC. MCF Advisors LLC bought a new stake in shares of Agree Realty during the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV boosted its position in 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 buying an additional 442 shares during the last quarter. Headlands Technologies LLC increased its stake 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 buying an additional 798 shares during the period. UMB Bank n.a. increased its stake 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 buying an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Agree Realty during the third quarter worth $75,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADC. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday. KeyCorp boosted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Robert W. Baird increased their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Raymond James increased their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.19.

Agree Realty Stock Performance

ADC stock opened at $74.06 on Wednesday. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.47. 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 firm has a market cap of $7.67 billion, a PE ratio of 40.92, a P/E/G ratio of 2.48 and a beta of 0.61. The business’s 50-day moving average price is $74.77 and its two-hundred day moving average price is $67.63.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the firm earned $1.00 EPS. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is an increase 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 4.10%. Agree Realty’s dividend payout ratio is currently 167.96%.

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.