Corebridge Financial Inc. Sells 1,802 Shares of Agree Realty Co. (NYSE:ADC)

Corebridge Financial Inc. lessened its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 116,912 shares of the real estate investment trust’s stock after selling 1,802 shares during the period. Corebridge Financial Inc. owned about 0.11% of Agree Realty worth $8,236,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Spire Wealth Management bought a new stake in Agree Realty during the 4th quarter valued at $411,000. abrdn plc increased its stake in shares of Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after buying an additional 6,924 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of 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 valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Sage Investment Counsel LLC purchased a new stake in Agree Realty in the fourth quarter worth about $329,000. Finally, Oppenheimer Asset Management Inc. grew its holdings in Agree Realty by 24.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after acquiring an additional 3,776 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC opened at $76.01 on Friday. The firm’s 50-day moving average price is $73.71 and its 200-day moving average price is $73.94. The company has a market cap of $8.16 billion, a P/E ratio of 42.70, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. 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 Co. has a 52-week low of $54.78 and a 52-week high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, equities analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ADC shares. Royal Bank of Canada reduced their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Mizuho cut their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, Stifel Nicolaus decreased their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.85.

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.