Agree Realty Co. (NYSE:ADC) Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. increased its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 45.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,801 shares of the real estate investment trust's stock after buying an additional 6,824 shares during the period. Pacer Advisors Inc.'s holdings in Agree Realty were worth $1,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Hsbc Holdings PLC raised its stake in Agree Realty by 17.1% in the 2nd quarter. Hsbc Holdings PLC now owns 69,609 shares of the real estate investment trust's stock valued at $4,310,000 after purchasing an additional 10,142 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Agree Realty by 37.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 12,756 shares of the real estate investment trust's stock worth $790,000 after buying an additional 3,483 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Agree Realty by 73.6% during the second quarter. Renaissance Technologies LLC now owns 151,000 shares of the real estate investment trust's stock worth $9,353,000 after buying an additional 64,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust's stock valued at $94,273,000 after buying an additional 76,818 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Agree Realty by 15.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 14,869 shares of the real estate investment trust's stock worth $921,000 after buying an additional 2,028 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on ADC. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a "buy" rating in a research note on Wednesday, July 24th. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research note on Tuesday, June 11th. KeyCorp began coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an "overweight" rating and a $68.00 price target on the stock. Wells Fargo & Company raised their price objective on Agree Realty from $75.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, August 26th. Finally, Royal Bank of Canada increased their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.96.

Agree Realty Stock Performance

NYSE ADC traded up $0.43 on Friday, reaching $74.83. The stock had a trading volume of 760,655 shares, compared to its average volume of 956,629. The stock has a market cap of $7.53 billion, a P/E ratio of 43.99, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.30. The business's 50-day moving average price is $72.69 and its 200 day moving average price is $64.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same quarter in the prior year, the company earned $0.98 EPS. The firm's revenue for the quarter was up 17.5% on a year-over-year basis. As a group, equities analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.01%. The ex-dividend date is Monday, September 30th. Agree Realty's dividend payout ratio is presently 176.47%.

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.