Tributary Capital Management LLC Has $13.42 Million Stake in Agree Realty Corporation (NYSE:ADC)

Tributary Capital Management LLC decreased its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,912 shares of the real estate investment trust's stock after selling 4,961 shares during the period. Tributary Capital Management LLC owned 0.16% of Agree Realty worth $13,424,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its holdings in Agree Realty by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 139 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Agree Realty by 61.2% during the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after purchasing an additional 4,551 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Agree Realty by 3.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock worth $21,258,000 after purchasing an additional 10,446 shares in the last quarter. Wellington Management Group LLP raised its holdings in Agree Realty by 664.6% during the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust's stock worth $41,625,000 after purchasing an additional 513,571 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in Agree Realty by 10.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock worth $1,626,000 after purchasing an additional 1,941 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.3%

Shares of NYSE:ADC traded down $0.25 during trading on Friday, reaching $71.60. 711,191 shares of the company traded hands, compared to its average volume of 1,103,646. The firm has a fifty day simple moving average of $73.89 and a 200 day simple moving average of $73.94. The firm has a market cap of $7.88 billion, a P/E ratio of 40.45, a price-to-earnings-growth ratio of 2.34 and a beta of 0.54. Agree Realty Corporation has a 1-year low of $65.98 and a 1-year high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The business had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same quarter in the previous year, the business earned $0.43 EPS. Analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's payout ratio is presently 173.45%.

Analyst Ratings Changes

Several research analysts have issued reports on ADC shares. Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Robert W. Baird lifted their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Finally, BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Agree Realty Company 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.