Agree Realty Co. (NYSE:ADC) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in Agree Realty Co. (NYSE:ADCFree Report) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,274 shares of the real estate investment trust’s stock after selling 3,363 shares during the period. Wellington Management Group LLP owned 0.07% of Agree Realty worth $5,821,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADC. Dana Investment Advisors Inc. boosted its stake in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after acquiring an additional 170 shares in the last quarter. Capital Square LLC increased its position in Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 179 shares during the period. Blue Trust Inc. lifted its holdings in shares of Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 213 shares during the period. Commonwealth Equity Services LLC grew its position in Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ADC shares. Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. Robert W. Baird raised their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Finally, Mizuho increased their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.18.

Read Our Latest Analysis on ADC

Agree Realty Stock Down 0.8 %

ADC stock opened at $74.05 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company’s 50 day simple moving average is $75.23 and its 200-day simple moving average is $70.92. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The firm has a market capitalization of $7.67 billion, a PE ratio of 40.91, a P/E/G ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADCGet Free Report) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $152.83 million. During the same quarter last year, the company posted $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. Equities analysts expect 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 Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.10%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

Agree Realty Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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