UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 7,380 Shares of Agree Realty Co. (NYSE:ADC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in shares of Agree Realty Co. (NYSE:ADC) by 6.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,341 shares of the real estate investment trust’s stock after selling 7,380 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.11% of Agree Realty worth $8,538,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of ADC. CWM LLC lifted its position in shares of Agree Realty by 52.9% during the 2nd quarter. CWM LLC now owns 3,187 shares of the real estate investment trust’s stock worth $197,000 after buying an additional 1,102 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Agree Realty during the 2nd quarter worth approximately $564,000. PGGM Investments purchased a new stake in shares of Agree Realty during the 2nd quarter worth approximately $70,225,000. Envestnet Portfolio Solutions Inc. increased its stake in shares of Agree Realty by 3.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,873 shares of the real estate investment trust’s stock worth $612,000 after purchasing an additional 326 shares during the last quarter. Finally, Vanderbilt University purchased a new stake in shares of Agree Realty during the 2nd quarter worth approximately $421,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $74.46 on Tuesday. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $7.71 billion, a P/E ratio of 41.14, a P/E/G ratio of 3.68 and a beta of 0.62. The company has a fifty day moving average of $75.30 and a 200-day moving average of $70.50.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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 company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the firm posted $1.00 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 4.08%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is currently 167.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Raymond James raised their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Robert W. Baird lifted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho lifted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Finally, KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, three have given 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.04.

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.