Agree Realty Co. (NYSE:ADC) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. decreased its stake in shares of Agree Realty Co. (NYSE:ADC) by 15.3% during the 3rd quarter, HoldingsChannel.com reports. The firm 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 SEC filing.

Other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Agree Realty by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock worth $3,029,000 after acquiring an additional 3,080 shares in the last quarter. Bayesian Capital Management LP acquired a new position in Agree Realty in the first quarter worth $304,000. Walleye Trading LLC bought a new stake in Agree Realty during the first quarter valued at $955,000. Virtu Financial LLC bought a new stake in Agree Realty during the first quarter valued at $599,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Agree Realty during the first quarter worth $737,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

NYSE:ADC opened at $76.41 on Tuesday. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 42.21, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.58. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $75.10 and a 200-day moving average of $69.28.

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). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 earnings per share. Analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.40%.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADC. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Raymond James upped their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

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.