Lazard Asset Management LLC Trims Stock Holdings in Agree Realty Co. (NYSE:ADC)

Lazard Asset Management LLC lowered its holdings in Agree Realty Co. (NYSE:ADC) by 10.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 190,894 shares of the real estate investment trust’s stock after selling 22,266 shares during the period. Lazard Asset Management LLC owned about 0.19% of Agree Realty worth $10,903,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Agree Realty by 210.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock worth $3,646,000 after buying an additional 39,243 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Agree Realty by 148.2% during the 4th quarter. Pacer Advisors Inc. now owns 20,096 shares of the real estate investment trust’s stock worth $1,265,000 after buying an additional 12,000 shares during the last quarter. Blue Trust Inc. lifted its holdings in Agree Realty by 42.0% during the 4th quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock worth $79,000 after buying an additional 371 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Agree Realty by 4.3% during the 4th quarter. State of Alaska Department of Revenue now owns 57,804 shares of the real estate investment trust’s stock worth $3,637,000 after buying an additional 2,382 shares during the last quarter. Finally, New Mexico Educational Retirement Board lifted its holdings in Agree Realty by 14.4% during the 4th quarter. New Mexico Educational Retirement Board now owns 20,700 shares of the real estate investment trust’s stock worth $1,303,000 after buying an additional 2,600 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC traded up $0.83 during trading hours on Friday, hitting $68.73. 828,177 shares of the company were exchanged, compared to its average volume of 840,935. The company has a market capitalization of $6.92 billion, a PE ratio of 40.43, a PEG ratio of 2.72 and a beta of 0.58. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.71. The firm has a fifty day simple moving average of $62.29 and a 200-day simple moving average of $59.48. Agree Realty Co. has a one year low of $52.69 and a one year high of $69.26.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. As a group, sell-side analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be given a $0.25 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.36%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average price of $58.99 per share, with a total value of $58,990.00. Following the completion of the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADC has been the topic of a number of research reports. Royal Bank of Canada increased their price target on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Stifel Nicolaus increased their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group raised their target price on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, KeyCorp assumed coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.95.

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.