Prudential Financial Inc. Trims Holdings in Agree Realty Co. (NYSE:ADC)

Prudential Financial Inc. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 25.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 940,539 shares of the real estate investment trust’s stock after selling 323,246 shares during the period. Prudential Financial Inc. owned 0.91% of Agree Realty worth $66,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADC. Versant Capital Management Inc boosted its position in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Financial Life Planners bought a new stake in Agree Realty in the fourth quarter worth $44,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the third quarter worth $77,000. Finally, UMB Bank n.a. increased its holdings in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

NYSE ADC opened at $75.72 on Tuesday. The company has a 50-day moving average price of $73.44 and a 200-day moving average price of $73.91. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $8.12 billion, a P/E ratio of 42.54, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.01%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is presently 170.22%.

Analyst Ratings Changes

ADC has been the topic of several recent analyst reports. BTIG Research increased their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. Mizuho decreased their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Finally, Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty 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.