BNP PARIBAS ASSET MANAGEMENT Holding S.A. Purchases 33,914 Shares of Agree Realty Co. (NYSE:ADC)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Agree Realty Co. (NYSE:ADC) by 40.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,306 shares of the real estate investment trust’s stock after purchasing an additional 33,914 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Agree Realty were worth $8,912,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MCF Advisors LLC bought a new stake in Agree Realty in the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Agree Realty by 248.3% during 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 acquiring an additional 442 shares in the last quarter. Headlands Technologies LLC increased its stake in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. 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 worth $73,000 after purchasing an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in Agree Realty during the third quarter worth about $75,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on ADC. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. KeyCorp upped their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Truist Financial lifted their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group upped their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada lifted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Four research 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 company. Based on data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Price Performance

Shares of ADC stock opened at $76.45 on Monday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58. 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’s 50 day moving average is $75.10 and its 200-day moving average is $69.20. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.24, a PEG ratio of 3.13 and a beta of 0.61.

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 (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 EPS. Sell-side analysts forecast that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio is currently 167.96%.

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.