Agree Realty Co. (NYSE:ADC) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lessened its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 46.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,998 shares of the real estate investment trust's stock after selling 11,345 shares during the period. Federated Hermes Inc.'s holdings in Agree Realty were worth $916,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADC. HighTower Advisors LLC boosted its holdings in Agree Realty by 24.5% in the 3rd quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust's stock worth $957,000 after buying an additional 2,453 shares during the last quarter. Barclays PLC increased its position in shares of Agree Realty by 129.4% during the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock worth $18,062,000 after purchasing an additional 135,274 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Agree Realty by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock valued at $156,327,000 after acquiring an additional 30,377 shares during the period. World Investment Advisors LLC purchased a new stake in Agree Realty in the third quarter valued at approximately $211,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Agree Realty during the 3rd quarter worth about $77,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Performance

NYSE:ADC traded up $1.03 during mid-day trading on Friday, reaching $78.99. 1,146,070 shares of the stock were exchanged, compared to its average volume of 985,921. 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 1 year low of $55.84 and a 1 year high of $79.61. The company has a 50 day simple moving average of $74.52 and a 200-day simple moving average of $73.90. The stock has a market capitalization of $8.48 billion, a P/E ratio of 44.38, a P/E/G ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. Agree Realty's dividend payout ratio is currently 172.47%.

Analyst Ratings Changes

ADC has been the subject of a number of research reports. Stifel Nicolaus dropped their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Mizuho upped their price objective on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a report on Sunday, February 16th. Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Royal Bank of Canada decreased their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Five investment 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 stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.38.

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.