Community Trust & Investment Co. Sells 1,780 Shares of Agree Realty Co. (NYSE:ADC)

Community Trust & Investment Co. lowered its position in Agree Realty Co. (NYSE:ADC) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,212 shares of the real estate investment trust’s stock after selling 1,780 shares during the quarter. Community Trust & Investment Co.’s holdings in Agree Realty were worth $3,644,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ADC. QRG Capital Management Inc. bought a new stake in shares of Agree Realty in the first quarter valued at about $238,000. Janney Montgomery Scott LLC grew its holdings in Agree Realty by 61.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after acquiring an additional 4,551 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Agree Realty by 4.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock valued at $896,000 after purchasing an additional 504 shares during the period. Azzad Asset Management Inc. ADV raised its holdings in shares of Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust’s stock valued at $531,000 after purchasing an additional 187 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in shares of Agree Realty by 18.2% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 296,993 shares of the real estate investment trust’s stock worth $22,925,000 after purchasing an additional 45,706 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Mizuho lifted their price target on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Stifel Nicolaus increased their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research report on Wednesday, April 23rd. JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Finally, Barclays set a $77.00 price objective on shares of Agree Realty and gave the stock an “equal weight” rating in a research report on Wednesday, May 21st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.19.

Agree Realty Trading Down 0.5%

Shares of Agree Realty stock opened at $74.44 on Monday. The firm’s 50 day simple moving average is $75.40 and its two-hundred day simple moving average is $73.93. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 41.82, a PEG ratio of 2.88 and a beta of 0.56. Agree Realty Co. has a 12-month low of $60.42 and a 12-month high of $79.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same period in the prior year, the firm earned $0.43 EPS. Analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.256 dividend. This represents a dividend yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty’s dividend payout ratio is presently 173.45%.

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.