Agree Realty Co. (NYSE:ADC) Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 25.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,310 shares of the real estate investment trust’s stock after selling 770 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Agree Realty were worth $163,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in Agree Realty during the 2nd quarter valued at about $26,000. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 293 shares during the last quarter. UMB Bank n.a. increased its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the 3rd quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the 3rd quarter worth approximately $77,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of NYSE ADC opened at $70.33 on Friday. 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 firm has a market cap of $7.28 billion, a PE ratio of 38.86, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The firm has a fifty day moving average of $74.02 and a 200 day moving average of $71.81.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. During the same quarter last year, the company earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio is presently 167.40%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ADC shares. UBS Group increased their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company cut their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, December 17th. Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft started 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.03.

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.