Cornercap Investment Counsel Inc. Has $357,000 Position in Agree Realty Co. (NYSE:ADC)

Cornercap Investment Counsel Inc. cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 46.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,739 shares of the real estate investment trust’s stock after selling 4,067 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Agree Realty were worth $357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dana Investment Advisors Inc. lifted its holdings in Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC raised its position in shares of Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after acquiring an additional 179 shares in the last quarter. Blue Trust Inc. raised its position in shares of Agree Realty by 8.8% in the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after acquiring an additional 213 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. UBS Group lifted their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. KeyCorp boosted their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Stifel Nicolaus boosted their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Stock Performance

Shares of ADC opened at $75.97 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a 50 day moving average price of $75.03 and a two-hundred day moving average price of $68.55. The firm has a market capitalization of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.08 and a beta of 0.61. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the firm posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.00%. Agree Realty’s payout ratio is presently 167.96%.

Agree Realty Company 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.