Agree Realty Co. (NYSE:ADC) Stake Lessened by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,353,080 shares of the real estate investment trust's stock after selling 26,317 shares during the quarter. Thrivent Financial for Lutherans owned 1.31% of Agree Realty worth $101,927,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of ADC. Dana Investment Advisors Inc. increased its holdings in Agree Realty by 0.6% in the second 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 holdings in Agree Realty by 1.0% in the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock valued at $1,193,000 after buying an additional 179 shares during the last quarter. Blue Trust Inc. increased its holdings in Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock valued at $150,000 after buying an additional 213 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock valued at $427,000 after buying an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock valued at $4,438,000 after buying an additional 224 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on ADC. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, October 4th. Truist Financial upped their target price on Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and a consensus price target of $75.73.

Agree Realty Price Performance

Shares of ADC traded up $0.78 during trading hours on Monday, hitting $76.75. 626,722 shares of the company were exchanged, compared to its average volume of 968,775. The company has a market capitalization of $7.95 billion, a PE ratio of 42.19, a PEG ratio of 3.08 and a beta of 0.61. 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 firm has a fifty day simple moving average of $75.03 and a 200-day simple moving average of $68.63. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.47.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business's revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.00 earnings per share. As a group, sell-side 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 announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. Agree Realty's payout ratio is currently 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.