Advisors Asset Management Inc. Trims Stock Holdings in Agree Realty Co. (NYSE:ADC)

Advisors Asset Management Inc. lessened its stake in shares of Agree Realty Co. (NYSE:ADC) by 15.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,316 shares of the real estate investment trust’s stock after selling 3,123 shares during the quarter. Advisors Asset Management Inc.’s holdings in Agree Realty were worth $1,304,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Agree Realty by 3.8% in the third quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust’s stock valued at $1,123,000 after buying an additional 549 shares during the last quarter. Phocas Financial Corp. grew its stake in Agree Realty by 74.9% in the 3rd quarter. Phocas Financial Corp. now owns 105,721 shares of the real estate investment trust’s stock worth $7,964,000 after acquiring an additional 45,266 shares during the period. Caprock Group LLC acquired a new position in Agree Realty in the 3rd quarter valued at $262,000. Pathstone Holdings LLC lifted its stake in shares of Agree Realty by 15.9% during the 3rd quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock worth $1,946,000 after purchasing an additional 3,535 shares during the period. Finally, Napa Wealth Management boosted its holdings in shares of Agree Realty by 20.8% during the third quarter. Napa Wealth Management now owns 4,253 shares of the real estate investment trust’s stock worth $320,000 after purchasing an additional 733 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Down 0.1 %

NYSE:ADC opened at $76.41 on Tuesday. The business’s 50-day moving average is $75.10 and its two-hundred day moving average is $69.28. The firm has a market capitalization of $7.91 billion, a PE ratio of 42.21, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.58. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick 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 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the previous year, the business posted $1.00 earnings per share. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. Research analysts predict 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. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is 167.40%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ADC shares. UBS Group upped their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Robert W. Baird increased 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. Mizuho boosted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. KeyCorp increased their price target 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. Finally, Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. 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 company’s stock. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

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.