CoreCap Advisors LLC Trims Stock Position in Agree Realty Co. (NYSE:ADC)

CoreCap Advisors LLC lessened its stake in shares of Agree Realty Co. (NYSE:ADC) by 33.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 863 shares of the real estate investment trust’s stock after selling 443 shares during the quarter. CoreCap Advisors LLC’s holdings in Agree Realty were worth $61,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Spire Wealth Management purchased a new stake in Agree Realty in the 4th quarter valued at $411,000. abrdn plc raised its position in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after purchasing an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Agree Realty by 3.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after purchasing an additional 10,446 shares during the last quarter. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC purchased a new stake in Agree Realty in the 4th quarter valued at $329,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of several research reports. Wells Fargo & Company upped their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. Royal Bank of Canada cut their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Robert W. Baird upped their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. BTIG Research downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Finally, StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Stock Performance

NYSE:ADC opened at $73.07 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The stock has a market cap of $8.04 billion, a PE ratio of 41.05, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The firm’s fifty day simple moving average is $75.88 and its 200-day simple moving average is $74.10.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same period in the prior year, the company posted $0.43 EPS. Analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a $0.256 dividend. This represents a yield of 4.1%. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty’s dividend payout ratio is presently 173.45%.

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.