Phocas Financial Corp. Sells 89,840 Shares of Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. decreased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 85.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,881 shares of the real estate investment trust's stock after selling 89,840 shares during the quarter. Phocas Financial Corp.'s holdings in Agree Realty were worth $1,119,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ADC. FMR LLC grew its position in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after buying an additional 1,968,811 shares during the last quarter. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after buying an additional 534,545 shares during the last quarter. Two Sigma Advisers LP grew its position in Agree Realty by 92.6% in the third quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust's stock worth $53,815,000 after buying an additional 343,400 shares during the last quarter. Finally, Waterfront Capital Partners LLC acquired a new position in Agree Realty in the third quarter worth approximately $21,326,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

ADC has been the topic of several research analyst reports. Evercore ISI initiated coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an "outperform" rating and a $82.00 price objective on the stock. Stifel Nicolaus lowered their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Citizens Jmp cut shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Finally, BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $79.62.

Agree Realty Stock Up 0.2 %

Shares of NYSE:ADC traded up $0.12 during trading on Friday, reaching $73.81. 1,405,151 shares of the company traded hands, compared to its average volume of 921,478. The firm has a fifty day simple moving average of $71.62 and a 200 day simple moving average of $73.55. The firm has a market cap of $7.92 billion, a P/E ratio of 41.46, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. 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 (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 Dividend Announcement

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.

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.