Agree Realty Co. (NYSE:ADC) Shares Sold by Pitcairn Co.

Pitcairn Co. lowered its holdings in Agree Realty Co. (NYSE:ADC) by 1.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,284 shares of the real estate investment trust’s stock after selling 201 shares during the period. Pitcairn Co.’s holdings in Agree Realty were worth $1,147,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC boosted its position in shares of Agree Realty by 24.5% in the 3rd quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust’s stock valued at $957,000 after purchasing an additional 2,453 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Agree Realty in the third quarter worth approximately $588,000. Quantinno Capital Management LP raised its holdings in shares of Agree Realty by 23.9% during the third quarter. Quantinno Capital Management LP now owns 6,015 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 1,160 shares during the period. Two Sigma Advisers LP lifted its position in shares of Agree Realty by 92.6% in the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock valued at $53,815,000 after acquiring an additional 343,400 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Agree Realty by 833.5% in the 3rd quarter. Jane Street Group LLC now owns 100,958 shares of the real estate investment trust’s stock worth $7,605,000 after purchasing an additional 90,143 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADC has been the topic of several recent analyst reports. Evercore ISI began coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Wells Fargo & Company increased their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Finally, UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $80.38.

Agree Realty Stock Down 3.2 %

Shares of Agree Realty stock opened at $74.34 on Friday. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The stock has a market capitalization of $7.98 billion, a P/E ratio of 41.76, a PEG 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. The stock has a 50 day moving average price of $74.22 and a two-hundred day moving average price of $73.94.

Agree Realty (NYSE:ADC) last posted its 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%. Equities analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.08%. Agree Realty’s dividend payout ratio is presently 170.22%.

Agree Realty 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.