Bank of New York Mellon Corp Sells 48,744 Shares of Agree Realty Corporation $ADC

Bank of New York Mellon Corp trimmed its holdings in Agree Realty Corporation (NYSE:ADC) by 5.0% in the fourth quarter, HoldingsChannel reports. The fund owned 928,905 shares of the real estate investment trust’s stock after selling 48,744 shares during the period. Bank of New York Mellon Corp’s holdings in Agree Realty were worth $66,909,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Agree Realty by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 15,731,141 shares of the real estate investment trust’s stock valued at $1,133,114,000 after buying an additional 84,568 shares during the period. State Street Corp raised its holdings in Agree Realty by 0.5% in the 3rd quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock worth $412,954,000 after purchasing an additional 27,546 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Agree Realty by 80.8% in the 4th quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust’s stock worth $309,266,000 after purchasing an additional 1,918,427 shares in the last quarter. Centersquare Investment Management LLC grew its position in shares of Agree Realty by 1.8% in the 3rd quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock worth $205,748,000 after buying an additional 51,269 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Agree Realty by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 2,509,922 shares of the real estate investment trust’s stock worth $180,823,000 after buying an additional 117,346 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Insiders Place Their Bets

In other Agree Realty news, Chairman Richard Agree purchased 5,000 shares of Agree Realty stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $71.41 per share, with a total value of $357,050.00. Following the transaction, the chairman owned 90,512 shares of the company’s stock, valued at $6,463,461.92. This represents a 5.85% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joey Agree acquired 13,295 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $75.41 per share, for a total transaction of $1,002,575.95. Following the purchase, the chief executive officer directly owned 675,105 shares in the company, valued at approximately $50,909,668.05. This trade represents a 2.01% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 19,191 shares of company stock valued at $1,426,994. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADC has been the topic of several recent analyst reports. BMO Capital Markets downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 price objective on the stock. in a research report on Friday, April 17th. Mizuho dropped their price objective on shares of Agree Realty from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Truist Financial boosted their price target on shares of Agree Realty from $79.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Finally, Raymond James Financial boosted their price objective on shares of Agree Realty from $84.00 to $90.00 and gave the company a “strong-buy” rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $83.80.

Agree Realty Stock Up 1.7%

Shares of Agree Realty stock opened at $74.49 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The firm’s 50-day moving average is $75.96 and its two-hundred day moving average is $75.25. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.46 and a beta of 0.48.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $211.49 million for the quarter, compared to analysts’ expectations of $195.73 million. Agree Realty had a net margin of 29.25% and a return on equity of 3.95%. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS. Agree Realty has set its FY 2026 guidance at 4.540-4.580 EPS. As a group, research analysts expect that Agree Realty Corporation will post 4.44 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.267 dividend. This represents a $1.07 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Agree Realty’s dividend payout ratio (DPR) is presently 172.97%.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.