Agree Realty Co. (NYSE:ADC) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its holdings in Agree Realty Co. (NYSE:ADC) by 1.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,047,485 shares of the real estate investment trust’s stock after selling 12,636 shares during the period. Russell Investments Group Ltd. owned 1.01% of Agree Realty worth $73,795,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares during the period. Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 235 shares during the period. Financial Life Planners acquired a new stake in shares of Agree Realty during the 4th quarter worth $44,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Agree Realty in the third quarter valued at $77,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on ADC shares. Wells Fargo & Company upped their price target on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.38.

Agree Realty Stock Performance

Agree Realty stock opened at $74.34 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $74.22 and a 200-day moving average of $73.92. The stock has a market cap of $7.98 billion, a P/E ratio of 41.76, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 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%. On average, analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

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

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.