Ceredex Value Advisors LLC Cuts Stock Position in Agree Realty Co. (NYSE:ADC)

Ceredex Value Advisors LLC lessened its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 29.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,482 shares of the real estate investment trust's stock after selling 67,000 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.16% of Agree Realty worth $12,280,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADC. Dana Investment Advisors Inc. grew its position in shares of Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock valued at $1,813,000 after buying an additional 170 shares during the last quarter. Capital Square LLC increased its position in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock valued at $1,193,000 after purchasing an additional 179 shares during the period. Blue Trust Inc. raised its holdings in Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock worth $150,000 after purchasing an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock worth $427,000 after purchasing an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock worth $4,438,000 after purchasing an additional 224 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Royal Bank of Canada increased their price target on Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. BTIG Research boosted their price objective on Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Truist Financial raised their target price on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a research note on Wednesday, August 21st. Four equities research analysts have rated the stock with 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $74.27.

Agree Realty Stock Down 0.4 %

ADC traded down $0.32 during trading on Friday, hitting $73.93. 952,416 shares of the company's stock were exchanged, compared to its average volume of 1,052,683. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The stock has a market cap of $7.65 billion, a P/E ratio of 40.85, a PEG ratio of 2.49 and a beta of 0.61. The business's 50 day moving average is $74.72 and its two-hundred day moving average is $67.38. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company's revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. As a group, equities analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.11%. Agree Realty's payout ratio is presently 167.96%.

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.