Allspring Global Investments Holdings LLC Sells 98,892 Shares of Agree Realty Co. (NYSE:ADC)

Allspring Global Investments Holdings LLC cut its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 12.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 720,418 shares of the real estate investment trust's stock after selling 98,892 shares during the period. Allspring Global Investments Holdings LLC owned about 0.72% of Agree Realty worth $54,269,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP bought a new position in Agree Realty during the fourth quarter worth about $4,285,000. PNC Financial Services Group Inc. lifted its position in shares of Agree Realty by 15.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust's stock worth $624,000 after buying an additional 1,338 shares during the period. Park Avenue Securities LLC boosted its stake in Agree Realty by 9.8% in the 1st quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust's stock valued at $346,000 after buying an additional 540 shares in the last quarter. Gilman Hill Asset Management LLC grew its position in Agree Realty by 47.2% in the first quarter. Gilman Hill Asset Management LLC now owns 7,848 shares of the real estate investment trust's stock valued at $448,000 after acquiring an additional 2,515 shares during the period. Finally, Oak Thistle LLC acquired a new stake in shares of Agree Realty in the 1st quarter valued at $307,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADC. Truist Financial increased their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. UBS Group raised their price target on Agree Realty from $72.00 to $77.00 and gave the company a "neutral" rating in a report on Wednesday, October 16th. Wells Fargo & Company reissued an "overweight" rating and issued a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus increased their price objective on Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a research report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $73.04.

Agree Realty Stock Up 0.2 %

NYSE:ADC traded up $0.13 during trading hours on Tuesday, reaching $75.11. 645,526 shares of the stock were exchanged, compared to its average volume of 945,922. The stock has a market cap of $7.56 billion, a PE ratio of 44.09, a PEG ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.30. The firm has a 50 day moving average of $74.23 and a 200 day moving average of $66.21. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

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

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.04%. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty's payout ratio is presently 178.24%.

Agree Realty Company 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.