Allspring Global Investments Holdings LLC Has $54.27 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

Allspring Global Investments Holdings LLC trimmed its stake in Agree Realty Co. (NYSE:ADC) by 12.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 720,418 shares of the real estate investment trust’s stock after selling 98,892 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.72% of Agree Realty worth $54,269,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. MCF Advisors LLC acquired a new stake in Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV grew its holdings in Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. Headlands Technologies LLC grew its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after buying an additional 782 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADC. Royal Bank of Canada lifted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. UBS Group raised their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Stifel Nicolaus raised their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BTIG Research raised their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Truist Financial raised their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $73.04.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $74.96 on Tuesday. The company has a 50 day moving average of $74.23 and a 200 day moving average of $66.21. The stock has a market cap of $7.54 billion, a P/E ratio of 44.09, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

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

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 178.24%.

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.