The Manufacturers Life Insurance Company Reduces Stock Holdings in Agree Realty Co. (NYSE:ADC)

The Manufacturers Life Insurance Company reduced its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 10.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 93,097 shares of the real estate investment trust's stock after selling 10,577 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Agree Realty worth $7,013,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADC. MCF Advisors LLC purchased a new stake in Agree Realty during the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust's stock worth $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock worth $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock worth $73,000 after buying an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the third quarter worth about $75,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group increased their price target on shares of Agree Realty from $77.00 to $79.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. KeyCorp upped their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Raymond James upped their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, August 21st. Truist Financial upped their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Robert W. Baird upped 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. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $76.04.

Agree Realty Price Performance

NYSE ADC traded down $0.41 on Thursday, reaching $75.12. 400,157 shares of the company's stock traded hands, compared to its average volume of 952,572. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a 50-day simple moving average of $75.30 and a 200 day simple moving average of $70.12. The stock has a market cap of $7.78 billion, a PE ratio of 41.72, a P/E/G ratio of 3.67 and a beta of 0.62.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the business posted $1.00 EPS. The firm's revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty's payout ratio is 167.96%.

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.