Agree Realty Co. (NYSE:ADC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in Agree Realty Co. (NYSE:ADC) by 5.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,706 shares of the real estate investment trust’s stock after selling 1,253 shares during the quarter. Victory Capital Management Inc.’s holdings in Agree Realty were worth $1,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Aptus Capital Advisors LLC grew its position in shares of Agree Realty by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 52,315 shares of the real estate investment trust’s stock valued at $3,941,000 after purchasing an additional 7,056 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Agree Realty by 74.4% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 67,771 shares of the real estate investment trust’s stock valued at $5,105,000 after acquiring an additional 28,902 shares in the last quarter. GSA Capital Partners LLP raised its holdings in shares of Agree Realty by 238.4% during the 3rd quarter. GSA Capital Partners LLP now owns 14,768 shares of the real estate investment trust’s stock valued at $1,112,000 after buying an additional 10,404 shares during the period. Crossmark Global Holdings Inc. boosted its stake in shares of Agree Realty by 13.5% in the third quarter. Crossmark Global Holdings Inc. now owns 7,831 shares of the real estate investment trust’s stock valued at $590,000 after purchasing an additional 933 shares during the period. Finally, Legacy Capital Wealth Partners LLC purchased a new stake in shares of Agree Realty during the third quarter worth about $242,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Down 0.1 %

ADC opened at $76.41 on Tuesday. The company has a market capitalization of $7.91 billion, a PE ratio of 42.57, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The business has a 50-day moving average of $75.10 and a 200-day moving average of $69.28. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.58. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

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 (EPS) 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 the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

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 paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s payout ratio is 167.40%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADC. UBS Group raised their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Mizuho increased their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Raymond James lifted 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 report on Wednesday, August 21st. Finally, Robert W. Baird boosted their target price 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. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Profile

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.