Agree Realty Corporation (NYSE:ADC) Shares Acquired by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Agree Realty Corporation by 107.8% in the 1st quarter, now owning approximately 104,863 shares valued at $8,094,000.
• Agree Realty reported a quarterly earnings per share (EPS) of $1.06, slightly exceeding analysts' expectations of $1.05, with a revenue of $169.16 million during the quarter.
• The company declared a monthly dividend of $0.256 per share, resulting in an annual yield of 4.18%, with a dividend payout ratio of 173.45%.

Victory Capital Management Inc. boosted its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 107.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 104,863 shares of the real estate investment trust's stock after purchasing an additional 54,410 shares during the quarter. Victory Capital Management Inc. owned about 0.10% of Agree Realty worth $8,094,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Cohen & Steers Inc. boosted its holdings in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after buying an additional 1,068,271 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after buying an additional 1,020,512 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Agree Realty by 89.2% in the 4th quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock worth $107,315,000 after buying an additional 718,114 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Agree Realty in the 4th quarter worth about $48,862,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Trading Up 0.6%

ADC traded up $0.40 during trading hours on Tuesday, reaching $72.92. 149,273 shares of the company's stock traded hands, compared to its average volume of 1,203,773. The firm has a 50-day moving average price of $73.72 and a 200 day moving average price of $74.15. Agree Realty Corporation has a 52-week low of $67.58 and a 52-week 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. The firm has a market capitalization of $8.02 billion, a PE ratio of 41.17, a PEG ratio of 2.38 and a beta of 0.54.

Agree Realty Announces Dividend

The business 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 dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio (DPR) is currently 173.45%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADC shares. Wall Street Zen cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Mizuho decreased their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Barclays upped their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Finally, Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price for the company. in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.32.

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.