Loomis Sayles & Co. L P Trims Stock Position in Agree Realty Co. (NYSE:ADC)

Loomis Sayles & Co. L P reduced its stake in Agree Realty Co. (NYSE:ADC) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 318,831 shares of the real estate investment trust’s stock after selling 4,283 shares during the quarter. Loomis Sayles & Co. L P owned 0.31% of Agree Realty worth $24,018,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ADC. PGGM Investments purchased a new position in Agree Realty in the 2nd quarter valued at $70,225,000. Virtu Financial LLC purchased a new stake in shares of Agree Realty in the first quarter valued at about $599,000. AQR Capital Management LLC increased its stake in shares of Agree Realty by 67.4% during the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after acquiring an additional 186,285 shares during the period. Walleye Trading LLC acquired a new position in shares of Agree Realty during the first quarter worth about $955,000. Finally, Manning & Napier Advisors LLC purchased a new position in Agree Realty during the second quarter worth about $5,915,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $76.97 on Wednesday. The stock’s 50 day moving average price is $75.09 and its 200 day moving average price is $69.40. The firm has a market cap of $7.97 billion, a P/E ratio of 42.52, a PEG ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58.

Agree Realty (NYSE:ADC) last issued 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 company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 earnings per share. On average, sell-side analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid 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 dividend yield of 3.94%. Agree Realty’s dividend payout ratio is currently 167.40%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Raymond James boosted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Mizuho increased their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Truist Financial boosted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Robert W. Baird boosted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Four investment 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

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.