Pitcairn Co. Has $1.24 Million Position in Agree Realty Co. (NYSE:ADC)

Pitcairn Co. reduced its position in shares of Agree Realty Co. (NYSE:ADC) by 9.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 16,485 shares of the real estate investment trust’s stock after selling 1,732 shares during the period. Pitcairn Co.’s holdings in Agree Realty were worth $1,242,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ADC. Pathway Financial Advisers LLC grew its holdings in shares of Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares in the last quarter. PGGM Investments bought a new stake in Agree Realty in the second quarter worth $70,225,000. Daiwa Securities Group Inc. boosted its holdings in Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Leeward Investments LLC MA bought a new stake in Agree Realty in the second quarter worth $30,306,000. Finally, Lighthouse Investment Partners LLC bought a new stake in Agree Realty in the second quarter worth $25,086,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADC has been the subject of a number of recent research reports. 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 report on Wednesday, October 30th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Friday. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group upped their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada upped their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Price Performance

ADC opened at $76.45 on Monday. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.58. 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 company’s 50 day simple moving average is $75.10 and its 200-day simple moving average is $69.20. The stock has a market capitalization of $7.91 billion, a P/E ratio of 42.24, a price-to-earnings-growth ratio of 3.13 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period last year, the company earned $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. Sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) 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.