Agree Realty Co. (NYSE:ADC) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its position in shares of Agree Realty Co. (NYSE:ADC) by 4.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 14,219 shares of the real estate investment trust’s stock after selling 695 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Agree Realty were worth $1,002,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADC. Versant Capital Management Inc lifted its position in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 293 shares during the period. Financial Life Planners acquired a new stake in Agree Realty during the 4th quarter worth about $44,000. MassMutual Private Wealth & Trust FSB lifted its position in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 230 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Agree Realty during the 3rd quarter worth about $77,000. Finally, UMB Bank n.a. lifted its position in Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $76.86 on Monday. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. The stock has a 50-day moving average of $72.65 and a 200 day moving average of $73.80. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 43.18, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Sell-side analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.95%. Agree Realty’s dividend payout ratio (DPR) is currently 170.22%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Mizuho lowered their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective for the company. Wells Fargo & Company boosted their price objective on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $79.85.

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.