PNC Financial Services Group Inc. Has $1.12 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

PNC Financial Services Group Inc. grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 3.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,914 shares of the real estate investment trust’s stock after purchasing an additional 549 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Agree Realty were worth $1,123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC increased its holdings in Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares during the last quarter. PGGM Investments acquired a new position in shares of Agree Realty during the 2nd quarter worth about $70,225,000. Daiwa Securities Group Inc. raised its holdings in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the period. Leeward Investments LLC MA bought a new stake in shares of Agree Realty in the 2nd quarter valued at about $30,306,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in Agree Realty in the 2nd quarter valued at about $25,086,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ADC shares. Raymond James upped their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Mizuho increased their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. UBS Group raised their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada increased their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.04.

Agree Realty Trading Up 0.9 %

ADC stock opened at $77.65 on Thursday. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a market capitalization of $8.04 billion, a PE ratio of 43.13, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The company’s 50-day simple moving average is $75.11 and its 200 day simple moving average is $69.51. 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 (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (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 business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the company earned $1.00 EPS. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business 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 $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.91%. Agree Realty’s dividend payout ratio is presently 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.